Mishtann Foods Ltd. Board Announces Rights Issue at Rs. 15 Per Share (Image Source: iStockphoto)
India’s FMCG, Mishtann Foods Ltd during its board meeting on March 20, 2024, announced the terms for its approved rights issue. The rights issue is priced at Rs. 15, the record date for this issuance stands firm on March 20, 2024.
As per the company’s filing on the BSE, “the Rights Issue Committee authorized by the Board of Directors of the Company, in their meeting held on April 01, 2024, had extended the date of closing of rights issue offer period from Tuesday, April 16, 2024 to Thursday, April 18, 2024.”
The investors have a window from April 2 to April 16, 2024, to participate in this offering, with each eligible shareholder entitled to one rights equity share for every 31 fully paid-up equity shares held. The issue will close on Thursday, April 18, 2024 .
In a strategic move, MFL inked a Memorandum of Understanding (MOU) with the Government of Gujarat to explore the manufacturing of grain-based ethanol. This ambitious project, with an estimated cost of Rs. 2250 crore, is projected to yield an annual revenue of approximately Rs. 3500 crore. The company is expected to kick off in Q3FY24, the ethanol project, boasting a capacity of 1000 KLPD, promises to further diversify MFL’s revenue streams and cement its foothold in the industry.
On Wednesday, the shares of Mishtann Foods closed at Rs 20.83, 3.63 per cent up from the previous day’s closing. The 52 week high and low of the share is Rs 26.37 and Rs 7.05 respectively.
The company was established in 1981, Mishtann Foods Ltd. (MFL) specialises in the processing and packaging of various consumer goods, including Basmati rice, wheat, pulses, and salt. With a network of 15 super stockists across 10 states, serving over 70,000 retailers, MFL aims to bolster its market presence by venturing into leading online grocery delivery platforms.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. TT Research DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
