Temptation Foods plans to raise $200 million
Temptation Foods Ltd plans to raise around $200 million through rupee convertible bonds by next month for purchasing two companies.
By PTI |
MUMBAI: Temptation Foods Ltd plans to raise around $200 million (about Rs 799 crore) through rupee convertible bonds by next month for purchasing two companies , a top company official said on Thursday.
"We will be raising the money for acquisition of two companies involved in the food business, by September," TFL Chairman and Managing Director Vinit Kumar told reporters here.
The company is currently exploring opportunities of strengthening its presence pan-India, he said, adding it was also aiming at minimising its input costs.
"We are exploring opportunities of both strengthening our presence across India and minimising our input costs," Kumar said.
The company has acquired three businesses, including two brands during the year.
Future growth would emanate through the inorganic route as well, Kumar said.
The company has posted a net profit of Rs 23.81 crore in FY08, against a loss of Rs 5.76 crore in the year-ago period.
Its turnover for FY08 stood at Rs 329.79 crore, against Rs 39.66 crore in the year-ago period.
In Q4 FY08, its net profit stood at Rs 13.11 crore in, against Rs 1.39 crore in the corresponding period last year. The total income for the period stood at 255.08 crore, compared to Rs 11.45 crore in the year-ago period.
Kumar attributed TFL's continued growth to its strong sales performance emanating from heightened growth in demand across the country as also from the export market which has witnessed a quantum growth over the last few years.
The company is also planning to expand capacity to cater to increasing demand, he said.
"We will be raising the money for acquisition of two companies involved in the food business, by September," TFL Chairman and Managing Director Vinit Kumar told reporters here.
The company is currently exploring opportunities of strengthening its presence pan-India, he said, adding it was also aiming at minimising its input costs.
"We are exploring opportunities of both strengthening our presence across India and minimising our input costs," Kumar said.
The company has acquired three businesses, including two brands during the year.
Future growth would emanate through the inorganic route as well, Kumar said.
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The company has posted a net profit of Rs 23.81 crore in FY08, against a loss of Rs 5.76 crore in the year-ago period.
Its turnover for FY08 stood at Rs 329.79 crore, against Rs 39.66 crore in the year-ago period.
In Q4 FY08, its net profit stood at Rs 13.11 crore in, against Rs 1.39 crore in the corresponding period last year. The total income for the period stood at 255.08 crore, compared to Rs 11.45 crore in the year-ago period.
Kumar attributed TFL's continued growth to its strong sales performance emanating from heightened growth in demand across the country as also from the export market which has witnessed a quantum growth over the last few years.
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The company is also planning to expand capacity to cater to increasing demand, he said.
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