Itc Agrotech Apprises Bse Of Preferential Shares To Conagra

The move will allow the United States-based company to pick up stake in the company.

ITC AgroTech has entered into a tie-up with ConAgra where ConAgra's brands would also be introduced in India.

The preferential issue, which will be discussed at the forthcoming annual general meeting of the company to be held on September 26, envisages offering 65 lakh ITC AgroTech shares to ConAgra at a premium to be decided by the board in accordance with the Securities and Exchange Board of India (Sebi) guidelines.

The preferential issue will also be to ConAgra and its associates or nominees or holding companies, the notice to BSE said.

The company has also informed the stock exchange that the annual general meeting would take up the issue of the sale of ITC AgroTech's integrated oilseeds undertaking at Mantralayam, Andhra Pradesh, as part of its broader restructuring programme.

The sale would be made to parent company ITC Ltd at a consideration of Rs 112 crore.

The plant would be leased back from ITC to the company on a non-exclusive licence basis to meet the company's business programme.