Heritage Foods Limited has successfully completed its acquisition of 51% equity share capital of Peanutbutter and Jelly Private Limited (PBJ), marking a significant corporate milestone. The company informed BSE Limited and National Stock Exchange of India Limited about the completion of this strategic acquisition on January 09, 2026.

Acquisition Timeline and Completion

The acquisition process reached its final stage with key developments occurring over two consecutive days:

Transaction Structure and Parties

The acquisition involves Heritage Foods Limited purchasing the majority stake from Sky Gate Hospitality Private Limited. The transaction details include:

• Target Company: Peanutbutter and Jelly Private Limited (CIN: U15400MH2022PTC377342)
• Seller: Sky Gate Hospitality Private Limited (CIN: U15122HR2015PTC056192)
• Stake Acquired: 51% equity share capital
• Buyer: Heritage Foods Limited (CIN: L15209TG1992PLC014332)

Regulatory Compliance and Documentation

Heritage Foods has maintained comprehensive regulatory compliance throughout the acquisition process. The company had previously submitted multiple intimations to stock exchanges regarding this transaction:

• October 27, 2025: Initial acquisition intimation
• December 10, 2025: Progress update
• December 30, 2025: Further developments
• January 05, 2026: Pre-completion notification
• January 09, 2026: Final completion announcement

Corporate Governance Framework

The completion of this acquisition involved execution of a comprehensive Shareholders Agreement between Heritage Foods Limited, Peanutbutter and Jelly Private Limited, and PBJ's founders. This agreement establishes the governance framework for the newly acquired subsidiary and defines the operational relationship between the parties.

The notification was signed by Umakanta Barik, Company Secretary and Compliance Officer of Heritage Foods Limited, ensuring proper corporate authorization and compliance with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Devyani International Limited has announced that its subsidiary Sky Gate Hospitality Private Ltd will sell its entire 51% equity stake in Peanutbutter and Jelly Private Ltd to Heritage Foods Ltd. The share purchase agreement was executed on December 30, with the transaction expected to be completed by January 31, 2026.

Transaction Details

The deal involves the complete divestment of Sky Gate Hospitality's majority shareholding in Peanutbutter and Jelly Private Ltd. Upon completion of the sale, the target company will cease to be a subsidiary of Sky Gate and a step-down subsidiary of Devyani International.

Background and Context

Devyani International had previously acquired approximately 80.72% equity stake in Sky Gate Hospitality Private Ltd on April 24, 2025. This acquisition included Sky Gate's subsidiaries Blackvelvet Hospitality Private Ltd, Say Chefs Eatery Private Ltd, and Peanutbutter and Jelly Private Ltd. Sky Gate and its subsidiaries became subsidiaries of Devyani International with effect from June 10, 2025.

Financial Impact

The company will receive ₹9.00 crore as consideration upon completion of the share transfer. Notably, Peanutbutter and Jelly became a step-down subsidiary only from June 10, 2025, and therefore did not contribute to Devyani International's turnover, revenue, income, or net worth during the financial year ended March 31, 2025.

Market Performance

Shares of Devyani International closed at ₹142.44, down ₹0.89 or 0.62%, while Heritage Foods ended at ₹451.20, up ₹5.50 or 1.23%. Heritage Foods, the acquiring company, operates as a dairy company across 17 states, offering milk, curd, butter, paneer, and other value-added dairy products.