Business Update23 Jun 2024, 01:11 am
GRM Overseas raises Rs. 136.5 crore through convertible warrants for product range enhancement, operational capabilities and inorganic growth
AI Summary
GRM Overseas, a leading Indian basmati rice exporter and India’s leading food FMCG, has announced the approval of the Board to raise funds of Rs.136.5 crore through the issue of share warrants on preferential basis to 33 investors including promoters and non-promoter investors. The funds raised will be used to enhance product range, expand the '10X' Brand in India, explore inorganic growth opportunities, improve operational capabilities, and undertake strategic mergers and acquisitions. The investors include Atul Garg (Promoter), Forbes EMF, Singularity Equity Fund and Nikhil Vora HUF, among others.
Key Highlights
- GRM Overseas raises Rs. 136.5 crore through preferential issue of share warrants convertible into equity shares
- Funds to be deployed to enhance product range, operational capabilities and explore inorganic growth opportunities
- 10X Brand to be expanded in India, making GRM a comprehensive food FMCG product company
- Investments to be made in exploring future inorganic growth opportunities, including strategic mergers and acquisitions
- Funds will also improve operational capabilities of the company