NHC Foods To Raise Around Rs 53 Cr From Promoter, Non-Promoter Entities

Mumbai: NHC Foods Ltd on Wednesday said it will raise around Rs 53 crore from promoter and non-promoter entities through a preferential issue of convertible warrants.

The company board has approved a preferential issue of up to 25.60 crore convertible warrants at an issue price of Rs 2.10 per warrant, aggregating to Rs 53.76 crore, NHC Foods informed the bourses in a filing.

The remaining 11.60 crore warrants (Rs 24.36 crore) are distributed among 12 other non-promoter entities.

Satyam S Joshi HUF is proposed to receive 14 crore warrants under the issue, making it the largest allocation and reflecting a significant increase in management’s stake in the company, it added.

Satyam Shirishchandra Joshi, Managing Director, NHC Foods Limited said, “As we look to build on this foundation and pursue the next phase of growth, we believe it is important for the management to demonstrate its commitment through greater financial participation in the company”.

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