IFB Agro Industries board nods investment of Rs40cr in equity shares or CCPS of IFB Refrigeration

18 Jan 2022 , 09:50 AM

The Board of Directors of IFB Agro Industries Ltd on Monday has approved an investment of up to Rs40cr in Equity Shares and/or Compulsorily Convertible Preference Shares (CCPS) of IFB Refrigeration Limited in one or more tranches for a minority stake.

The new company belongs to manufacture, assembly, fabrication, design, maintenance and do all other acts and deeds to deal in all kinds of Refrigerators and compressors for domestic and/ or industrial usages.

As per regulatory filing, the Company keeps evaluating proposals for equity investment in diverse business as an alternative to investment in mutual funds. Refrigerator’s business being a necessity for every household in the pandemic situation looks promising. Further IRL has an experienced project team in place.

The total investment shall be in two tranches. The first tranche of investment will be in equity Shares and Compulsorily Convertible Preference Shares (CCPS) respectively, whereas the second tranche will be in CCPS only, said the Company.

On Tuesday at around 9:51 AM, IFB Agro Industries was trading at Rs752 per piece up by Rs11.15 or 1.51% on the BSE.