Hindustan Foods Ltd board approves fund raising through issue of convertible warrants

The Board of Directors of Hindustan Foods Limited (the "Company") at their meeting held today i.e. Friday, September 22, 2023 has approved the proposal to issue and allot 56,75,054 Convertible Warrants ("Warrants"), to Qualified Institutional Buyers ("QIB Allottees"), on a preferential basis in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018 ("SEBI ICDR Regulations"), as amended, and other applicable laws, at a price of Rs. 546.25/- (Rupees Five Hundred Forty Six and Paise Twenty Five Only) per Warrant, each Warrant convertible into 1 Equity Share of face value of Rs. 2/- each fully paid up at a premium of Rs. 544.25/- (Rupees Five Hundred Forty Four and Paise Twenty Five Only), subject to it being in compliance with the minimum price calculated in accordance with Regulation 164 for Preferential Issue contained in Chapter V of the SEBI ICDR Regulations as amended, subject to the approval of regulatory / statutory authorities and the shareholders of the Company.

The investors who will be allotted the warrants are: Infinity Holdings - 14,64,530, Infinity Holding Sidecar I - 14,64,530, Malabar Select Fund - 9,15,331 and Sixth Sense India Opportunities III - 18,30,663.

The board also approved proposal to issue and allot 15,96,027 Convertible Warrants ("Warrants"), to Non QIB Allottees ("Non QIB Allottee"), on a preferential basis in accordance with Chapter V of the SEBI ICDR Regulations, as amended, and other applicable laws, at a price of Rs. 563.90/- (Rupees Five Hundred Sixty Three and Paise Ninety Only) per Warrant, each Warrant convertible into 1 Equity Share of face value of Rs. 2/- each fully paid up at a premium of Rs. 561.90/- (Rupees Five Hundred Sixty One and Paise Ninety Only) subject to it being in compliance with the minimum price calculated in accordance with Regulation 164 for Preferential Issue contained in Chapter V of the SEBI ICDR Regulations as amended, subject to the approval of regulatory / statutory authorities and the shareholders of the Company.

Bay Capital Holdings Limited - 10,64,018 and Vanaja Sundar Iyer - 5,32,009 will be the investors subscribing to the above warrants.

Source : Equity Bulls

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HindustanFoods FundRaising ConvertibleWarrants