I would suggest in case you interested into discussing more about Britannia or Bombay Burmah, please take discussion that thread. While I appreciate your viewpoint about taking indirect way to get benefit from Britannia by way of investing in Bombay Burmah, one need to consider two factors while exploring Bombay Burmah in my opinion:
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Trust in Management of Wadia. The management has widely misallocated resources of the company. Even in Britannia, otherwise very good business, analyst continued to seek details about ICD between/among group companies and that being highlighed by analyst even on conference call. So, one need to check properly before investing.
Ness Wadia: Ness Wadia sent to two years in jail in Japan over drugs possession: Report -
The structure in which the shares of Britannia being held by Bombay Burmah. Find enclosed details in My understanding.
Brtiannnia Promoter holding as per BSE March 2020:
Nearly 45% holding of Britannia is held by Associated Biscuits International Limited.
Now look at structure in which finally, Bombay Burmah (or Wadia Group ) hold thesse shares. I am enclosing same from Bombay Burmah annual report FY19 (Page 150).
One need to take into considerasation of various jurisdiction and tax impact of same when it finally come to Bombay Burmah (assuming all shares are liquidated by the promoters and funds are move upwards to Bombay Burmah).
Bombay Burmah has subsidiary Leila Lands Sanderian Berhad based out of Malaysia holds 100% shares in Leila Lands Limited in Mauritius which holds 100% shares in ABI Holding Limited in UK which holds 100% shares in Associated Biscuits International Limited in UK which in turn hold ~45% shares in Britannia Industries Limited.
Given the kind of long structure, I feel market would continue to face higher discounting for the holding in Britannia which I find approprate.
In case @JJoy or other members have any suggestion on Britannia or other company, or on this post, I would request them to post on resprective thread, so that we can keep this thread to ITC and related players/peer/competitors.
Discl: Have token position in Britannia, Not a SEBI Registered advisor, Not recommeding any investment. My view may be biased.