GRM Overseas board approves raising Rs 1.36 billion funds

24 Jun 2024 CW Team

The funds raised are intended to further expand India's ?10X? brand, transforming it into a comprehensive food FMCG product company. They will also be utilized to explore future inorganic growth opportunities such as strategic mergers and acquisitions, and to enhance operational capabilities. These initiatives may be pursued directly by the Company or through its subsidiaries or joint ventures.

Atul Garg, Chairman & MD of GRM Overseas, commented on the fund-raise, stating that it would enhance the company's market competitiveness and product range. He emphasized that this fund-raise is pivotal for driving initiatives aimed at exploring future inorganic growth opportunities and improving operational capabilities. According to him, the company is now in a stronger position within the food FMCG space. He expressed confidence that the support from prominent investors would propel GRM towards greater growth opportunities. Garg highlighted the role of the 10X brand in introducing innovative products to the Indian food FMCG sector. He also indicated ongoing investments in brand, distribution, operational capabilities, and the pursuit of opportunities in Newage D2C brands.

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

GRM has established a presence for its rice in 42 countries and operates three rice processing units with a combined annual production capacity of 4,40,800 MT in Panipat (Haryana), Naultha (Haryana), and Gandhidham (Gujarat). Additionally, the company possesses a warehousing facility spanning 1.75 lakhs sq ft near its Gandhidham plant, enabling swift shipments from Kandla and Mundra ports.

GRM Overseas, an FMCG and basmati rice exporting company, announced that its board had approved a fund-raise of Rs 1.36 billion through the issuance of share warrants on a preferential basis to 33 promoters and non-promoter investors. The board sanctioned the allotment of up to 91,00,000 share warrants at an issue price of Rs 150 each, including a premium of Rs 148 per warrant. The funds raised are intended to further expand India's ?10X? brand, transforming it into a comprehensive food FMCG product company. They will also be utilized to explore future inorganic growth opportunities such as strategic mergers and acquisitions, and to enhance operational capabilities. These initiatives may be pursued directly by the Company or through its subsidiaries or joint ventures. Atul Garg, Chairman & MD of GRM Overseas, commented on the fund-raise, stating that it would enhance the company's market competitiveness and product range. He emphasized that this fund-raise is pivotal for driving initiatives aimed at exploring future inorganic growth opportunities and improving operational capabilities. According to him, the company is now in a stronger position within the food FMCG space. He expressed confidence that the support from prominent investors would propel GRM towards greater growth opportunities. Garg highlighted the role of the 10X brand in introducing innovative products to the Indian food FMCG sector. He also indicated ongoing investments in brand, distribution, operational capabilities, and the pursuit of opportunities in Newage D2C brands. The investors, including Atul Garg (Promoter), Forbes EMF, Singularity Equity Fund, and Nikhil Vora HUF, among others, will receive the share warrants. GRM has established a presence for its rice in 42 countries and operates three rice processing units with a combined annual production capacity of 4,40,800 MT in Panipat (Haryana), Naultha (Haryana), and Gandhidham (Gujarat). Additionally, the company possesses a warehousing facility spanning 1.75 lakhs sq ft near its Gandhidham plant, enabling swift shipments from Kandla and Mundra ports.

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