Convergent, Samara Capital to acquire 52% in Agro Tech Foods for $78-M

Convergent Finance and Samara Capital will jointly acquire a controlling 51.8% stake in Gurugram-headquartered, publicly listed Agro Tech Foods Ltd (ATFL) , from Chicago, IL (USA)-based Conagra Brands, for USD 78 million (INR 650 crore). The funds will invest another USD 44 million (INR 360 crore) for acquiring an additional 26% from public shareholders through the mandatory open offer.ATFL sells popular brands ACT II popcorn and Sundrop edible oil. ATFL will continue to license the ACT II brand from Conagra for use in India.