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Basmati rice exporter GRM Overseas raises Rs 136.5 crore through convertible warrants

Basmati rice exporter GRM Overseas raises Rs 136.5 crore through convertible warrants

| @indiablooms | 21 Jun 2024, 05:14 pm

Mumbai: Indian basmati rice exporter GRM Overseas has announced that its board has approved the fund-raise of Rs.136.5 core through the issue of share warrants on preferential basis to 33 promoters and non-promoter investors.

The board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs. 150 including premium of Rs. 148 per warrant.

The fund raised will be used for expanding “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.

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, will be issued share warrants.

Commenting on the fund-raise, Atul Garg, Chairman & MD, GRM Overseas said, “The fund-raise will boost the market competitiveness and product range of the company. This is a crucial fund-raise which will drive our initiatives to explore future inorganic growth opportunities and enhance operational capabilities. Our company is now poised to strengthen its position in the food FMCG space.”

The confidence reposed by marquee investors will take GRM into the next league of growth opportunities, the company said.

“The 10X brand has been at the forefront of bringing innovative products in the Food FMCG space in India. We will continue to invest in our brand, distribution, operational capabilities and look out inorganic opportunities in Newage D2C brands,” it added.

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