LT Foods

Analysts expect global and domestic rice demand to remain firm, which they believe, would keep the stock prices piping hot going ahead

LT Foods Ltd on Thursday said it has raised nearly Rs 390 crore by selling shares to Saudi Agricultural and Livestock Investment Company (SALIC) through private placement. In a regulatory filing, the company informed that its board has approved issuance and allotment by way of a preferential allotment on a private placement basis up to 27,408,164 equity shares at a price of Rs 142.23 per share for cash consideration of up to Rs 389.82 crore. The preferential issuance of 27,408,164 equity shares is equivalent to 7.89 per cent equity stake in LT Foods, at Rs 142.23 per share to SALIC, a Saudi Joint Stock Company that is owned by the Public Investment Fund of the Kingdom of Saudi Arabia. In addition, SALIC will acquire a 1.33 per cent equity stake through a secondary share purchase from the promoters group. "Post completion of this transaction, SALIC will hold a 9.22 per cent equity stake in LT Foods. The promoters of the company will continue to hold the majority equity stake of 51 p

The company's board will discuss future strategic plans, inter-alia, potential raising of funds, in their forthcoming meeting on Monday, October 31, 2022

Shares of LT Foods, Kohinoor Foods, KRBL, Chaman Lal Setia Exports, for instance, have declined in the range of 2 per cent to 9 per cent, as against 0.4 per cent gain in the Nifty50 index.

Ratings agency CRISIL believes organic business profitability of LT Foods should lead to higher consolidated EBITDA in the fourth quarter of 2022.

Expenses were lower at Rs 1,058.12 crore as against 1,132.89 crore a year ago.

The credit ratings agency said that the upgrade reflects continuous improvement in group's business and financial risk profiles

The stock hit a new high of Rs 51, rallied 96% in past three months from Rs 26 on November 7, 2016.

The company fixed February 08 as record date for the purpose of sub division of shares from Rs 10 to Re 1.

The stock surged 8% to Rs 307 after the company said it has acquired iconic brand 817 Elephant brand of rice through its UK subsidiary LT Foods International Limited.

Oriental Insurance had rejected the Rs 189 cr claim arising out of a fire at LT's Madhya Pradesh mill in 2014

The stock surged 17% to Rs 260 on the BSE on back of heavy volumes.