Shares of Sarveshwar Foods gained over 7% today after board of the firm cleared allotment of 45 lakh equity shares to non-promoters at an issue price of Rs 81 per share, and 36.6 lakh fully convertible warrants to promoters & non-promoters at an issue price of Rs 81 per warrant. The company plans to raise funds amounting to Rs 66.09 crore.
Sarveshwar Foods shares zoomed 7.53% to Rs 89.95 against the previous close of Rs 83.65 on BSE.
The shares of the rice selling firm have gained after three sessions of fall. Shares of Sarveshwar Foods are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
A total of 6,345 shares of the firm changed hands amounting to a turnover of Rs 5.59 lakh on BSE. The market cap of the firm rose to Rs 218.89 crore.
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Board of the firm also gave its nod to increase the authorized share capital of the company from Rs 30 crore to Rs 35 crore and consequent amendment in Clause V of the memorandum of association of the company.
The board also sought members’ approval for the above mentioned purposes by means of passing requisite resolutions by convening their extra ordinary general meeting, draft notice of extra ordinary general meeting along with explanatory statements, process to be initiated separately.
Sarveshwar Foods Limited manufactures and sells basmati and non-basmati rice in India. It provides basmati brown rice, raw rice, steam rice, silky raw rice, white parboiled rice, and golden parboiled rice; and non-basmati rice, including Indian long/medium/short grain white raw rice, white parboiled rice, grain golden parboiled rice, and grain brown rice. The company also offers organic foods under the brand name of Nimbark.
