The board of Sakuma Exports Ltd. has approved fundraise plans of up to Rs 500 crore through qualified institutional placement in one or more tranches. The fundraise is subject to approval from members and other regulatory approvals.
The board has also approved the convening of shareholder meetings to seek approval of shareholders for the fundraise, the company said through an exchange filing on Monday.
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Sakuma Exports To Invest Rs 600 Crore In Subsidiaries
In addition, the board has approved the investment of Rs 600 crore in direct or step-down subsidiaries. The subsidiaries could be existing or proposed to be set up at a future date and could also include subsidiaries abroad.
The board increased the limit of investment in the company up to 49% of the total paid-up capital by foreign portfolio investors, foreign institutional investors, foreign direct investment and non-resident Indians subject to compliance with Foreign Exchange Management Act, 1999.
Bonus Shares
The company will also be issuing bonus shares in the ratio of 4:1. Each shareholder, as of the record date, will receive four new fully paid-up equity shares for each share held.
Shares of Sakuma Exports closed 0.48% higher at Rs 35.38 per share on Monday, as compared with a 0.47% advance in the NSE Nifty 50.
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