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Temptation Foods clarifies on news item regarding stake sale
Posted On : 2007-06-08 02:02:23( TIMEZONE : IST )
With reference to the news item appearing in a leading financial daily titled "Temptation may go for 15% divestment", Temptation Foods Ltd has clarified the point-wise reply of the matters reported in the above new item is as under:
"1. Regarding Para 1:
It is true that the Company is discussing with several hedge funds and private equity players for the Company's proposed Qualified Institutional Placement (QIP). The Company has also appointed Cantor Fitzgerald as Placement Agent and Keynote Corporate Services Ltd as Merchant Banker. The Company plans to raise up to Rs 150 crore thought the QIP, which money will be utilized, inter alia, for the acquisitions the Company is planning. The Board of Directors at its meeting held on May 26, 2007 has approved the QIP issue, subject to approval of the shareholders, which would be obtained at the AGM to be held on June 18, 2007.
2. Para 2:
The statement in the news item are correct.
3. Para 3:
(a) Regarding acquisition of marine food business of Hindustan Lever Ltd (HLL), the Company is evaluating various opportunities, including marine food and has submitted its Binding Bid for the acquisition of the business.
(b) Regarding acquisition of 100% stake in Karen's Gourmet Kitchen Pvt Ltd:
(i) that Karen's Gourmet Kitchen Pvt Ltd is not engaged in food and vegetable export business as has been reported. The Company is engaged in high-end processed food items such as jam, sauces, mayonnaise, pickles, etc.
(ii) The Company had already informed about entering a strategic tie-up with Karen's Gourmet Kitchen Pvt Ltd and to take 26% stake in the equity share capital of the Company. Thereafter, the Company decided to take 100% stake instead of 26% stake.
(c) As to the status of the acquisition, an MoU has been signed with all the shareholders of Karen's Gourmet Kitchen Pvt Ltd, after the Board's approval on May 26, 2007. The acquisition would be completed after the shareholders approval for preferential allotment of shares to the shareholders of that Company and conduct of Due Diligence. The issue of shares at Rs 150/- per share of the Company to the shareholders of Karen's Gourmet Kitchen Pvt Ltd. is correct and is included in the notice sent to the shareholders for the June 18, 2007 AGM."
