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.

Real Estate

17 Sep 2025

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Infrastructure Transport

17 Sep 2025

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Infrastructure Urban

17 Sep 2025

Govt Plans Six-Month Import Relief for E-Bus, Truck Makers

The government is considering a six-month relaxation for electric bus and truck manufacturers, allowing them to import fully assembled motors containing heavy rare earth materials without losing eligibility for incentives under the Rs 109-billion PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme.The relief is expected to benefit companies such as Tata Motors, Ashok Leyland, PMI Electro Mobility, JBM Auto, EKA Mobility, Olectra Greentech, Propel, and IPLT Demo. The exemption will apply provided all other localisation requirements are met.However, officials clari..