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LT Overseas closing in on overseas acquisition

CNBC-TV18 has learnt that LT Overseas is closing in on an overseas acquisition for a likely sum of USD 20-30 million.


Sources said the acquisition will be for branding purposes and the deal is likely to be in the range of USD 20-30 million. Funding is likely to be via internal accruals and borrowings.


LT Overseas may raise USD 20 million via FCCB/ GDR or preferential issue, said sources.


The management has declined to comment on the deal.


LT Overseas had raised Rs 39 crore via IPO. They are engaged in milling, processing and marketing of rice. They also make rice food products and are engaged in R&D of rice and rice food products. They have a 21% volume share for basmati rice in India and own brands like 'Dawat' and 'Heritage'.


Source : Money Control

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