FMCG company GRM Overseas offloads stake in subsidiary

Agro products major GRM Overseas has offloaded around 3 per cent stake in its subsidiary company GRM Foodkraft Pvt. Ltd. The company in a regulatory filing said that it has sold out its stake in GRM Foodkraft to consumer-focused venture capital fund Sauce.vc. 

However, they have not disclosed the deal amount. Sauce has also acquired an additional 1 per cent stake from other shareholders.

“We are delighted to welcome Sauce.vc as a strategic investor. We look forward to deriving substantial advantages from the wealth of experience and a demonstrable history of creating new-age brands by the Sauce team," said Atul Garg, MD, GRM Overseas Ltd.

GRM Foodkraft, the subsidiary of GRM Overseas, has a presence in online and offline retail as well as the D2C segment. 

The business is a key addition to our diverse portfolio of investments and we would like to play an enabling role to help it achieve its mission,” said Manu Chandra, Founder & Managing Partner, Sauce.vc.

Meanwhile, shares of GRM Overseas jumped over 5 per cent during morning deals on Monday. GRM Overseas shares opened at Rs 188.45 apiece on NSE and went on to touch an intraday high of Rs 198 apiece. 

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