Devendra prakash shah, American musician

Leading dairy FMCG company Parag Milk Foods on Monday announced plans to raise Rs 316 crore by way of preferential issue of equity shares, foreign currency convertible bonds (FCCBs) and issue of convertible warrants.This is subject to approval by shareholders in the extra-ordinary general meeting scheduled on April 26 as well as regulatory approvals.The company said International Finance Corporation (IFC) is proposing an investment of up to Rs 155 crore by way of subscription to preferential issue of equity shares and subscription of FCCBs in addition to proposed subscription to NCDs of Rs150 crore committed in December.The proposed investment includes a preferential allotment of 67.56 lakh equity shares of face value Rs 10 each at a price of Rs 111 (including a premium of Rs 101 per equity share) for a total consideration of Rs 75 crore.Additionally, as part of the proposed investment, IFC will be offered to subscribe FCCBs aggregating up to 11 million dollars by private placement to be converted at a conversion price of Rs 145 per equity share with a five-year maturity to redemption.Sixth Sense Venture Advisors LLP, which is India's first domestic, consumer-centric venture fund, has also proposed an investment of Rs 50 crore by way of preferential allotment of 45.04 lakh equity shares of face value Rs 10 each at a price of Rs 111 each (including a premium of Rs 101 per equity share).The promoters will further invest Rs 111 crore that includes preferential allotment of 50 lakh convertible share warrants in the name of Devendra Prakash Shah along with 50 lakh to Netra Pritam Shah convertible into equity shares with a face value of Rs 10 each fully paid up on a preferential basis at a price of Rs 111 (including premium of Rs 101) per share warrant.With this, the promoter holding in the company will be maintained at 46 per cent.Chairman Devendra Shah said Parag Milk Foods has leapfrogged during these times by focussing on key consumer categories and has focussed to enhance long-term performance."We are looking at replacing our short-term working capital limits by NCDs where there is a two-year moratorium as well as reduce the overall debt burden. The funds raised through FCCB will be utilised for meeting our capex requirements over the next two years and free-up our cash flows during that period."Shah said the proceeds of preferential shares and warrants will be utilised to reduce short-term debt limits and enhance working capital for future growth. This will provide enough firepower to bolster the balance sheet and propel the company for future growth.Parag Milk Foods has manufacturing facilities at Manchar in Maharashtra, Palamaner in Andhra Pradesh and Sonipat in Haryana. Its Bhagyalaxmi Dairy Farm Pvt Ltd has more than 2,500 Holstein Friesian cows with a mechsed milking process.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Parag Milk Foods to raise Rs 316 crore for expansion

Leading dairy FMCG company Parag Milk Foods on Monday announced plans to raise Rs 316 crore by way of preferential issue of equity shares, foreign currency convertible bonds (FCCBs) and issue of convertible warrants. ...