Basmati rice exporter GRM Overseas to raise ₹136 cr

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GRM Overseas, one of the leading Indian basmati rice exporters, plans to raise ₹136 core through the issue of share warrants on preferential basis to 33 promoters and non-promoter investors. The Board has approved the allotment of up to 91,00,000 share warrants at an issue price of ₹150 including premium of ₹148 per warrant.

The fund raised will also be used for expanding “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. These activities may be undertaken directly by the company or through its subsidiaries.

The investors including Atul Garg (promoter), Forbes EMF, Singularity Equity Fund and Nikhil Vora HUF, among others, will be issued share warrants.

Atul Garg, Chairman and MD, GRM Overseas said the fund-raise will boost the market competitiveness and product range besides driving initiatives to explore future inorganic growth opportunities and enhance operational capabilities.