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Bikaji Foods Approves US Unit Investment, Snack Firm Purchase

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Bikaji Foods International (NSE:BIKAJI, BOM:543653) approved an additional investment of up to $5 million in subsidiary Bikaji Foods International USA Corp, according to a Thursday filing on Indian bourses.

Shares of the company fell over 1% in Friday's trade.

The board also approved the acquisition of a 74% stake in Jai Barbareek Dev Snacks through the purchase of 14,800 equity shares from existing shareholders, the filing said.

Additionally, the board approved an investment of up to 50 million rupees in wholly owned subsidiary Bikaji Bakes through optionally convertible debentures.

Bikaji Foods International's board also approved signing a loan agreement of up to 50 million rupees with Dadiji Snacks, a contract manufacturing unit.

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