GRM Overseas to raise Rs 136.5 crore through issue of share warrants

GRM Overseas, one of the leading Indian basmati rice exporters, on Friday said it will raise Rs 136.5 crore through issue of share warrants on a preferential basis to 33 promoters and non-promoter investors.

The company's board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs 150, including a premium of Rs 148 per warrant.

The board has approved the fund raise of Rs 136.5 core through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors, according to a regulatory filing.

"The fund raised will also be used for expanding the '10X' Brand in India, making it a comprehensive food FMCG product company.  The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities," the company said in a statement.

These activities may be undertaken directly by the company or through its subsidiaries or joint ventures.

The investors include Atul Garg (Promoter), Forbes EMF, Singularity Equity Fund and Nikhil Vora HUF, among others.

"The fund-raise will boost the market competitiveness and product range of the company. This is a crucial fund-raise which will drive our initiatives to explore future inorganic growth opportunities and enhance operational capabilities," Atul Garg, Chairman & MD of GRM Overseas, said.

The company is now poised to strengthen its position in the food FMCG space, he said.