Foods and Inn Limited has announced that it has received board approval to raise INR 210 crore through the issuance of 2.21 crore convertible warrants.
At its board meeting held on November 14, it was decided that the company will issue 2.21 crore convertible warrants, each exchangeable for one fully paid-up equity share having face value of Rupee one, it said in a statement.
The warrants are convertible within 18 months at a price of Rs 95 each, which includes warrant subscription and exercise price.
Post the allotment of equity shares, the paid-up shares of the company will increase from Rs 196.67 crores to Rs 217.94 crores, the company said in a statement.
The company said six investors have filed their consent for subscription to the issue.
“We are excited to have the new investors onboard and look forward to accelerating growth as well as exploring new opportunities,” Foods & Inn Ltd Managing Director Milan Dalal said.
An amount equivalent to 30 per cent of the warrant issue price should be paid at the time of subscription and allotment of each warrant and the balance on the exercise of warrants, the company said.
The company has convened an extraordinary general meeting on December 2, to seek the approval of shareholders in relation to the above warrants.
Also Read: Top Food Processing Companies in India 2022.
Foods and Inn has pioneered the food processing industry in India for over 50 years and it continues to spearhead the development of new food products using cutting edge technology, with a focus on building sustainably integrated value chains. With a turnover of USD 60mn and more than 500 employees, F&I is recognised as India’s second largest processor and exporter of processed fruit & vegetable products. F&I holds a key responsibility in the food supply chain – as the leading purchaser from over 10,000 farmers, employer of over 500 individuals and producer of ingredients reaching millions of customers. Therefore, Sustainability defines strategic business objectives.