Neha International to acquire Globeargo Holdings
It would acquire 100 per cent stake in Mauritius-based Globeagro Holdings, which holds a 99 per cent stake in Alliance Flowers Plc and 50 per cent stake each in Holetta Roses Plc and Oromia Wonders Plc.
By PTI |
MUMBAI: Hyderabad-based Neha International said on Wednesday it plans to acquire three Ethiopia-based floriculture companies.
It would acquire 100 per cent stake in Mauritius-based Globeagro Holdings, which holds a 99 per cent stake in Alliance Flowers Plc and 50 per cent stake each in Holetta Roses Plc and Oromia Wonders Plc, Neha said in a communique to the Bombay Stock Exchange.
This acquisition would partly be funded by issue of 23 lakh equity shares on preferential basis at Rs 42 per share and 42.5 lakh convertible share warrants, on preferential basis, to promoters and others at a price of Rs 42, the firm said.
The balance would be paid by a share swap. Neha would issue 75.23 lakh equity shares of Rs 10 each to the shareholders of Globeagro Holdings, without receiving payment in cash, Neha said.
The mentioned farms in Ethiopia have a total acreage of more than 100 hectares located at more than 8,000 ft altitude having employee strength of 1,000.
The company intends to expand area under cultivation by 30 hectares immediately by utilising the existing infrastructure on the acquired farms. This would increase its capacity by more than 100 per cent for the year 2008-09, Neha added.
Shares in the company were last trading 4.93 per cent up at Rs 55.35 on BSE.
It would acquire 100 per cent stake in Mauritius-based Globeagro Holdings, which holds a 99 per cent stake in Alliance Flowers Plc and 50 per cent stake each in Holetta Roses Plc and Oromia Wonders Plc, Neha said in a communique to the Bombay Stock Exchange.
This acquisition would partly be funded by issue of 23 lakh equity shares on preferential basis at Rs 42 per share and 42.5 lakh convertible share warrants, on preferential basis, to promoters and others at a price of Rs 42, the firm said.
The balance would be paid by a share swap. Neha would issue 75.23 lakh equity shares of Rs 10 each to the shareholders of Globeagro Holdings, without receiving payment in cash, Neha said.
The mentioned farms in Ethiopia have a total acreage of more than 100 hectares located at more than 8,000 ft altitude having employee strength of 1,000.
The company intends to expand area under cultivation by 30 hectares immediately by utilising the existing infrastructure on the acquired farms. This would increase its capacity by more than 100 per cent for the year 2008-09, Neha added.
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Shares in the company were last trading 4.93 per cent up at Rs 55.35 on BSE.
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