Kohinoor Foods is locked in upper circuit of 20% to Rs 46.05 on BSE after the company said its board approved to allot 7.05 million equity shares or 20% stake at price of Rs 160 per share to Al Dahra, an Abu Dhabi-based agri-specific company on preferential basis.
A combined 816,357 shares have changed hands on the counter in early morning deals and there are pending buy orders for 675,235 shares on BSE and NSE at 0950 hours.
“After acquisition of the 20% stake in the company, Al Dahra will have options to buy 4.99% within a period of six months from the date of completion of investment in the company,” Kohinoor Foods said in a BSE filing.
The board has also decided to enter into a joint venture with Al Dhara to jointly develop and manage brown the white rice facility in Abu Dhabi.
Al Dahra specialises in agriculture and animal feed production. With global operations, farms and production facilities in the Americas, Europe, Asia and Africa, it is considered a premier supplier of high quality forage, fresh produce, dairy products and commodities to local and regional markets.
A combined 816,357 shares have changed hands on the counter in early morning deals and there are pending buy orders for 675,235 shares on BSE and NSE at 0950 hours.
“After acquisition of the 20% stake in the company, Al Dahra will have options to buy 4.99% within a period of six months from the date of completion of investment in the company,” Kohinoor Foods said in a BSE filing.
The board has also decided to enter into a joint venture with Al Dhara to jointly develop and manage brown the white rice facility in Abu Dhabi.
Al Dahra specialises in agriculture and animal feed production. With global operations, farms and production facilities in the Americas, Europe, Asia and Africa, it is considered a premier supplier of high quality forage, fresh produce, dairy products and commodities to local and regional markets.
