LT Foods to issue shares to Indian Agri Business Fund and Real Trust

LT Foods Ltd has announced that the Board of Directors of the Company has reached an, in principle, understanding with Indian Agri Business Fund and Real Trust (hereinafter collectively referred as "Investors") for making investment to the tune of Rs. 25.40 crores for acquiring 14.735% (approx.) equity shares of the Company ("LT Foods Ltd.") on preferential basis, at a price to be determined in compliance of the provision of SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009.

The Investors has also in principle consented to invest Rs. 23.30 cores into an unlisted wholly owned subsidiary Company, Daawat Foods Ltd. to acquire its 26.286% Appx. equity shares.

The understanding reached with regard to investment in LT Foods Ltd. and Daawat Foods Ltd. is subject to approval of the shareholders and execution of definitive agreements.

The LT Foods stock was trading at Rs.77.50, up by Rs.1.20 or 1.57%. The stock hit an intraday high of Rs.78.65 and low of Rs.73.70.

The total traded quantity was 359831 compared to 2 week average of 673229.

Source : Equity Bulls

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