Market News: Sarveshwar Foods plans fundraising through preferential issuance, QIP | View the details here
Sarveshwar Foods has approved to raise shares worth Rs 100 crore through Qualified Institutional Placement, ADR, GDR, FCCB or other methods.
Stock market news: Sarveshwar Foods has informed the stock exchanges that its Board of Directors has approved the fundraising plan to meet the company’s long-term financial needs. Sarveshwar Foods said the company is working on a plan to raise money from non-promoter public category investors by issuing convertible warrants of Rs 10.20 crore at a rate of Rs 9.70 per warrant. The company is looking to raise Rs 98.94 crore through convertible warrants.
The company is considering raising this amount through warrants with a face value of ₹1.
In addition, Sarveshwar Foods has approved to raise shares worth Rs 100 crore through Qualified Institutional Placement, ADR, GDR, FCCB or other methods.
The company is looking to raise this amount in the form of a Rs 50 crore installment in the form of a rights issue. The authorized share capital of Sarveshwar Foods has increased from Rs 100 crore to Rs 120 crore.
Meanwhile, major equity indices rose in early trade on Friday as Sensex rose nearly 100 points amid a global rally in equities, boosting investor sentiment. The 30-share Sensex climbed 99.44 points or 0.14 percent to 73,257.68 points, while the broader Nifty gained 18.30 points or 0.08 percent to 22,235.75 points.
Among Nifty voters, 32 stocks traded in the green. In the Sensex pack, 18 stocks advanced, with Titan rising over 1 percent. The global rally, mainly stimulated by strong quarterly results from American chip manufacturer Nvidia Corp, has pushed markets in the US, Europe and Japan to record levels.
Sensex and Nifty rose on Thursday, with the latter hitting an all-time high closing level of 22,217.45 points. In Asia, the Japanese benchmark index Nikkei 225 rose by more than 2 percent. In the domestic market, Foreign Portfolio Investors (FPIs) were net sellers on Thursday as they sold securities worth Rs 1,410.05 crore.
Disclaimer: The article is for information purposes only and not for investment advice.