Hindustan Media acquires ~7.4% stake in Sanjeevani Dairy Farms; stock under pressure

27 Jul 2022 , 12:55 PM

Hindustan Media Ventures Limited informed that it has invested in the equity shares and Optionally Convertible Preference Shares (OCCPS) of Sanjeevani Dairy Farms Private Limited (Sanjeevani).

The company stated that the Board of Directors of the Company at its meeting held on November 1, 2019, has approved an investment of up to Rs16 crore, in two equal tranches of up to Rs8 crore each, in equity shares and/or convertible equity-linked instrument of Sanjeevani.

As per the agreement terms, the company on July 25, 2022, asked Sanjeevani to convert the aforesaid OCCPS into equity shares and consequent upon such conversion, the holding of the Company in Sanjeevani shall be in excess of 5% of its total shareholding.

According to the terms and conditions of the Investment Agreement, OCPS will be converted into equity shares of Sanjeevani Dairy Farms.

Post conversion, the company will own 7.4% (approx.) of the equity share capital of Sanjeevani Dairy Farms on a fully diluted basis.

Doodhvale is a dairy tech startup that delivers farm-fresh pure milk and its derivative products like curd, paneer, ghee, and so on to customers’ doorsteps across North India.

At around 12.58 PM, Hindustan Media was trading at Rs53.45 down by Rs0.15 or 0.28% from its previous closing of Rs53.60 on the BSE. The scrip touched intraday high and low of Rs53.75 and Rs52.05 respectively.