Shares of Kohinoor Foods is locked in upper circuit for second consecutive day, up 20% at Rs 55.25 on BSE after the Abu Dhabi-based Al Dahra International Investment LLC has decided to invest about Rs 112 crore in the company through equity shares allotted on a preferential basis.
The board of Kohinoor Foods has approved to issue about 7.05 million equity shares or 20% stake in the company on a preferential basis to Al Dahra at a consideration of Rs 160 a share.
After acquisition of Kohinoor Foods 20% stake, Al Dahra will have options to buy another 4.99% stake in the company.
The Abu Dabhi firm is a subsidiary of Al Dahra Holding LLC, which has invested in food production in various countries such as the US and Spain.
A combined 140,437 shares have changed hands on the counter so far and there are pending buy orders for 284,726 shares on BSE and NSE at 1046 hours.
The board of Kohinoor Foods has approved to issue about 7.05 million equity shares or 20% stake in the company on a preferential basis to Al Dahra at a consideration of Rs 160 a share.
After acquisition of Kohinoor Foods 20% stake, Al Dahra will have options to buy another 4.99% stake in the company.
The Abu Dabhi firm is a subsidiary of Al Dahra Holding LLC, which has invested in food production in various countries such as the US and Spain.
A combined 140,437 shares have changed hands on the counter so far and there are pending buy orders for 284,726 shares on BSE and NSE at 1046 hours.