GRM Overseas rallies as board OKs Rs 136-cr preferential issue

GRM Overseas advanced 3.33% to Rs 189.30 after the company announced that its board has approved the issuance of 91 lakh share warrants aggregating upto Rs 136.50 crore on preferential basis.

In a regulatory filing, the company said that the board has approved raising of funds through issue and allotment of up to 91,00,000 share warrants, each warrant convertible into one equity share of face value of Rs 2 on preferential basis at an issue price of Rs 150 (including Premium of Rs 148). The issue size is amounting up to Rs 1,36,50,00,000.

The fund raising is subject to the approval of regulatory/ statutory authorities and the members of the company at ensuing extra-ordinary general meeting.

GRM Overseas engaged in the business of processing and sale of almond kernels, paddy, clove, pista, rice, and wheat. The company markets their products under the brand name Kamdhenu and Chef and exports basmati rice to Saudi Arabia, Europe and other countries.

The companys consolidated net profit soared 87.75% to Rs 21.16 crore despite of 6.38% fall in revenue from operations to Rs 405.93 crore in Q4 FY24 over Q4 FY23.

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