GRM Overseas to raise `136.5 cr via share warrants
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New Delhi: GRM Overseas, one of the leading Indian basmati rice exporters, on Friday said it will raise Rs136.5 crore through issue of share warrants on a preferential basis to 33 promoters and non-promoter investors.The company’s board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs150, including a premium of Rs148 per warrant.
The board has approved the fund raise of Rs136.5 core through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors, according to a regulatory filing. “The fund raised will also be used for expanding the ‘10X’ Brand in India, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities,” the company said in a statement.
These activities may be undertaken directly by the company or through its subsidiaries or joint ventures. The investors include Atul Garg (Promoter), Forbes EMF, Singularity Equity Fund and Nikhil Vora HUF, among others.
