TFL puts in bid for HLL's marine arm
Temptation Foods Ltd (TFL) is planning to raise Rs 150 cr through QIP to fund its acquisition plans.
By PTI |
MUMBAI: Temptation Foods Ltd (TFL), a supplier of frozen fruits and vegetables, today said it has submitted a bid to acquire marine food business of Hindustan Lever Ltd.
TFL informed Bombay Stock Exchange it was evaluating various opportunities regarding acquisition of HLL's marine food business and has put in a binding bid.
The company also said it was planning to raise Rs 150 crore through Qualified Institutional Placements (QIP) to fund its acquisition plans. The share sale would be subject to shareholders' approval to be obtained at its AGM later this month, it said.
Cantor Fitzergerald has been appointed as placement agent and Keynote Corporate Services as merchant banker, it said.
The company is also buying 100 per cent stake in Karen's Gourmet Kitchen Pvt Ltd (KGKPL), engaged high-end processed food iems like jam, sauces, mayonnaise and pickles.
TFL has also signed an MoU with KGKPL for the takeover and it would be completed after shareholders' nod for preferential allotment of shares to them at Rs 150 per share.
TFL supplies deep freezing of fruits, vegetables and a host of ready-to-serve Indian meals and has a processing plant near Pune.
TFL informed Bombay Stock Exchange it was evaluating various opportunities regarding acquisition of HLL's marine food business and has put in a binding bid.
The company also said it was planning to raise Rs 150 crore through Qualified Institutional Placements (QIP) to fund its acquisition plans. The share sale would be subject to shareholders' approval to be obtained at its AGM later this month, it said.
Cantor Fitzergerald has been appointed as placement agent and Keynote Corporate Services as merchant banker, it said.
The company is also buying 100 per cent stake in Karen's Gourmet Kitchen Pvt Ltd (KGKPL), engaged high-end processed food iems like jam, sauces, mayonnaise and pickles.
TFL has also signed an MoU with KGKPL for the takeover and it would be completed after shareholders' nod for preferential allotment of shares to them at Rs 150 per share.
ADVERTISEMENT
TFL supplies deep freezing of fruits, vegetables and a host of ready-to-serve Indian meals and has a processing plant near Pune.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
