Promoters want to raise stake in Parag Milk Foods to 51% in few months

The promoters had also pledged 36% of their overall shareholding in the company, of which, 31% has been repaid to lenders

The promoters of Parag Milk Foods plan to purchase another 4.2 million shares from the open market in the next few quarters. This will increase their stake in the firm to 51 per cent in the next few months.

As of September 30, the promoters had a total shareholding of 45.96 per cent in the company. Promoters, led by company chairman and managing director Devendra Shah, have already purchased 200,000 shares from the open market to increase their shareholding in the company.

“We intend to raise our shareholding stake to 51 per cent going ahead, reposing faith in the long-term growth prospects