Parag Milk Foods executes equity subscription agreement with Sixth Sense

For equity infusion of Rs 49.99 crore

Parag Milk Foods has executed an Equity Subscription Agreement with Sixth Sense India Opportunities II (SSIO II) and Sixth Sense India Opportunities III (SSIO III) (collectively referred to as Sixth Sense) on 05 May 2021.

As per the agreement, the company will issue and allot to SSIO II 18,01,801 equity shares of face value Rs.10 a price of Rs.111 (including a premium of Rs.101) per share, for a total consideration of Rs.19.99 crore; and to SSIO III 27,02,702 equity shares of face value Rs.10/- each at a price of Rs.111 (including a premium of Rs.101) per share for a total consideration of Rs. 29.99 crore fully paid Equity Shares in the Company.

Upon Completion, Sixth Sense shall hold an aggregate of 4.27% of the share capital of the Company while SSIO II and SSIO III shall individually hold 1.71% and 2.56% of the share capital of the Company respectively (on a Fully-Diluted Basis).

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