Financial Daily from THE HINDU group of publications
Tuesday, Sep 14, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 14, 2004 |
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Corporate
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Private Placement KRBL to make second pvt placement Our Bureau
Mumbai , Sept. 13 THE Rs 700-crore KRBL Ltd is to make its second private placement of 30-lakh-equity shares/equity convertible zero coupon warrants to Reliance Commodities Pvt Ltd DMCC on preferential basis. The Gulf-based Reliance Commodities DMCC is buying these shares/warrants at a price of Rs 90 i.e. at a premium of 50 per cent to its current market price of Rs 59, according to the company release. KRBL is planning to utilise these funds for retails push in the country with special focus on institutional business segment as well as on re-furbishing the recently-acquired milling plant. Earlier Al-Balsharaf, one of Saudi Arabia's top basmati importers, also took 16 per cent stake in the company at a price of Rs 90. By placing these shares with Al-Balsharaf, KRBL was successful in bringing the FDI in the India's rice industry after a gap of several years. The recently announced sops in the Budget for companies engaged in processing and marketing of agricultural produce is likely to give big boost to companies such as KRBL.
More Stories on : Private Placement | Rice
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