Marico’s shares surged nearly 4% after the FMCG major announced that it had inked agreements to acquire up to 58% of the paid-up share capital of Satiya Nutraceuticals Pvt Ltd on a fully diluted basis for an aggregate cash consideration of Rs 369.01 crore in one or more tranches through primary infusions and secondary buyouts.

Shares of Marico Ltd were trading at Rs 552.05, up 3.63% from the previous closing price on the National Stock Exchange (NSE). The market cap of the company rose to Rs 71,460 crore. 

In an exchange filing, Marico said it had acquired a 32.75% stake in Satiya Nutraceuticals on a fully diluted basis and requisite majority control over its Board through primary infusion and secondary buyouts on July 26. 

The remaining 25.25% stake will be completed in one or more tranches by May 2025, subject to the terms and conditions of the definitive agreements. As part of the transaction, Marico has become a subsidiary of the company. 

The acquisition will help Marico expand its total addressable market in the value-added food and nutrition segments and scale its presence in the rapidly growing Health & Wellness category. 

Satiya Nutraceuticals was co-founded by Rishubh Satiya and Akash Zaveri. The Mumbai-based company owns a leading plant-based nutrition brand, The Plant Fix-Plix. 

Plix, founded in 2018, offers non-GMO, vegan, gluten-free and cruelty-free products in the weight management, hair & beauty, sleep and lifestyle nutrition categories. It plans to ramp up its offline presence over the next few years.