Foods & Inns was locked in an upper circuit of 5% at Rs 133.95 after the company said its board approved raising Rs 210.53 crore through of equity warrants to 6 investors.
The securities allotment committee of the board approved allotment of 2,21,61,749 convertible warrants, each carrying a right exercisable by the warrant holder to subscribe to one equity share of face value of Re 1 per share, at an issue price of Rs 95 per warrant, on preferential basis.The warrant conversion period is within 18 months from the date of allotment.
An amount equivalent to 30% of the warrant issue price has been paid at the time of subscription and allotment of each warrant and the balance 70% shall be payable by the warrant holder(s) on the exercise of warrant(s).
The price of the warrants and the number of equity shares to be allotted on conversion of warrants shall be subject to appropriate adjustments as permitted under applicable laws, said the company.
On a consolidated basis, the company reported a 118.6% jump in net profit to Rs 13.75 crore on 44.3% rise in net sales to Rs 245.07 crore in Q2 FY23 over Q2 FY22.
Foods and Inns processes and markets various fruit pulps, concentrates, and spray dried fruit and vegetable powders in India and internationally.
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