Comments
IFB Agro has planned to issue 3.62 lakh shares (face value ₹10) to one of the promoter entities at ₹188 each to raise around ₹6.81 crore. The company, which is in the process of selling its IMFL brands to Tilaknagar Industries for an undisclosed amount, would make the issue on preferential basis.
It will seek shareholder approval for the issue at an EGM, scheduled to be held here on Tuesday.
IFB Agro has converted its IMFL bottling plant at Dankuni in West Bengal to a country liquor bottling plant. The rice grain-based country liquor bottling plant has begun production after conversion and obtaining the necessary permission.
In IMFL segment, the company, a regional player, faced stiff competition from large domestic as well as multinational players. IFB Agro, which has already discontinued IMFL bottling for third parties, is preparing to exit the IMFL business.
Currently, the promoters of IFB Agro hold 63.58 per cent stake in the company.
The promoters have been increasing their holding in IFB Agro. In the October-December 2012 quarter, they had held 55.01 per cent stake in the company.
Chennai-based SICGIL India Ltd, which in the recent past had held 17.74 per cent stake in the company, has reduced its holding to around 7 per cent.
On Monday, the IFB Agro stock closed flat at ₹194.40 on the BSE.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.