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GRM Overseas Announces ₹136.5 Crore Fundraise via Share Warrants

25 June 20243 mins read by Angel One
GRM Overseas announces fundraising of ₹136.5 crore via share warrants to expand its "10X" brand in India and pursue strategic growth through mergers, acquisitions, and more.
GRM Overseas Announces ₹136.5 Crore Fundraise via Share Warrants
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GRM Overseas Limited announced in a stock exchange filing that its Board has approved fundraising of ₹136.5 crore through the issuance of share warrants on a preferential basis to 33 investors, including both promoters and non-promoter investors. The Board has sanctioned the allotment of up to 91,00,000 share warrants at an issue price of ₹150, which includes a premium of ₹148 per warrant.

The company stated that the funds raised will be used to expand the “10X” brand in India, transforming it into a comprehensive food FMCG product company. Additionally, the funds will support future inorganic growth opportunities, including strategic mergers and acquisitions, and enhance operational capabilities. These initiatives may be executed directly by the company, its subsidiaries, or joint ventures.

Investors, including Atul Garg (Promoter), Singularity Equity Fund, Nikhil Vora HUF, and Forbes EMF, among others, will receive share warrants.

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

He further stated that GRM Overseas Limited is now poised to strengthen its position in the food Fast-Moving Consumer Goods (FMCG) space. The confidence shown by marquee investors will propel GRM into the next league of growth opportunities. Mr Atul Garg also added that the 10X brand has been at the forefront of bringing innovative products to the food FMCG market in India. The company will continue to invest in its brand, distribution, and operational capabilities while exploring inorganic opportunities in new-age D2C brands.

About GRM Overseas Limited

GRM Overseas Ltd is mainly involved in milling, processing, and marketing branded and non-branded basmati rice in the local and international markets. In its initial years, GRM exported rice to the Middle East, the United States, and the United Kingdom. Over time, GRM has expanded its market reach to 42 countries.

On June 24, 2024, the share price of GRM Overseas opened at ₹194.30, touching the day’s low at ₹188.50, as of 9:41 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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