Prabhat Dairy jumps 5% on sale of unit to Tirumala Milk

NEW DELHI: Shares of Prabhat Dairy jumped 5 per cent in Friday's session after it said it successfully completed the sale of its subsidiary Sunfresh Agro Industries.

In a BSE filing, post market hours on Thursday, the company said that the sale of its wholly owned step down subsidiary, Sunfresh Agro Industries to Tirumala Milk Products and the sale and transfer of the company’s dairy products business is successfully completed and closed on 10 April 2019.

Prabhat Dairy had informed in a regulatory filing in January that France-based Lactalis' Indian subsidiary Tirumala Milk Products was acquiring its dairy business for Rs 1,700 crore, which is 1.09 times its sales in 2017-18 of Rs 1,554 crore.

Shares of the company traded 4.99 per cent up at Rs 82.05 apiece at 11:35 am on BSE.