Sarveshwar Foods to raise funds via warrants

FMCG company Sarveshwar Foods has announced that its board of directors has approved fundraising by issuing warrants on a preferential basis. The company has informed exchanges that its board has approved the allotment of 10,20,00,000 fully convertible warrants. 

"The board approved the allotment of 10,20,00,000 fully Convertible Warrants ('Warrants') a right exercisable by the Warrant holder to subscribe to one Equity Share having face value of Re.1/ Warrant, to persons belonging to “Non-Promoter, Public Category” on preferential basis as detailed in A, at an issue price of Rs. 9.70/- per Warrant determined in accordance with provisions of Chapter V Regulations, after receipt of stipulated amount i.e. 25% of the Issue Price as subscription 24,73,50,000/-in accordance with provisions of Chapter V of SEBI ICDR Regulation," 

Earlier, the company said that it had won a Rs 50 crore bid to export white rice to Africa. According to an exchange filing, the order to supply 90,000 quintals of premium rice has been awarded by the government’s nodal agency National Agricultural Cooperative Marketing Federation of India Ltd.(NAFED).

NAFED is an apex government organization of marketing cooperatives for agricultural produce in India.

The company is engaged in the business of manufacturing, trading, processing, and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets.