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Bharatam Ventures Board Approves Acquisition in Sugar Processing Firm; Shares Up 5%

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Bharatam Ventures (BOM:524046), formerly known as Pet Plastics, said its board approved the acquisition of 149,998 equity shares in Penganga Sakhar Karkhana for about 18 million Indian rupees as part of its expansion into the sugar and agro-processing business, according to a Thursday filing on BSE.

Shares of the company jumped 5% in Friday's trade.

The transaction is expected to be completed within 30 days of the execution of the share purchase agreement on May 27, subject to customary conditions, the filing said.

Upon deal completion, Penganga Sakhar Karkhana will become a subsidiary of Bharatam Ventures, it added.

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