LT Foods today announced that it is planning to sell its about 14.73% stake to two investors on a preferential basis for raising funds to up to Rs 254 million.
In principal, the board has reached an understanding with Indian Agri Business Fund and Real Trust for making investment to the tune of Rs 254 million for acquiring about 14.73% equity shares of the company.
Besides, the investors have also in principle consented to invest Rs 233 million into an unlisted subsidiary company Daawat Foods to acquire its 26.28% equity shares.
The understanding reached with regard to investment in LT Foods and Daawat Foods is subject to approval of shareholders and execution of definitive agreements.
Source: My Iris