Parag Milk Foods rises as board approves preferential allotment

25 Aug 2022 , 11:59 AM

The preferential allotment is at an issue price of Rs 93.75 per equity share aggregating to Rs 103.12 crore. The issue price is at a discount of 13% to the current market price. Post completion of this transaction, AG Dynamic Funds shall hold an aggregate of 10.24% of the share capital of the company. Meanwhile, the company has raised a total of Rs 131 crore through preferential allotment from marquee investors and promoters. Investors have put in around Rs 113 crore while the promoters will invest approximately Rs 18.75 crore. Parag Milk Foods is engaged in manufacturing and processing of milk and milk products. The company offers a range of products, which include cheese, ghee, whey proteins, paneer, curd, yoghurt, milk products, liquid milk, milk-based beverages and milk powders. The companys consolidated net profit slipped 41.4% to Rs 10.25 crore despite of a 57.6% increase in net sales to Rs 690.93 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News