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India | Parag Milk Foods may raise over Rs 300 crore to fund its expansion plan

India’s leading dairy FMCG company Parag Milk Foods announced plans to raise nearly Rs 316 crore by way of preferential issue of equity shares, convertible warrants and foreign currency convertible bonds, in order to fund its expansion plans.

The company said International Finance Corporation (IFC) has proposed an investment of up to Rs 155 crore in addition to proposed subscription to NCDs of Rs150 crore committed last year.

“We are looking at replacing our short-term working capital limits by NCDs where there is a two-year moratorium as well as reduce the overall debt burden. The funds raised through FCCB will be utilised for meeting our capex requirements over the next two years and free-up our cash flows during that period,” Chairman Devendra Shah said.

Editorial Desk at Agrigate.Global

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