Conagra's agro tech stake sale at discount raises eyebrows
On Thursday, Conagra announced the sale of a 51.8% stake in Agro Tech at ₹515 per share, despite the market price being above ₹1,000 apiece. The mandatory open offer of 26% to the public shareholders was set at ₹578 apiece, representing a discount of 43% from Thursday's closing price and a discount of 17% from the average price of the stock over the past year. The stock locked in a 20% lower circuit on Friday to close at ₹804.15.
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