Basmati rice exporter Amir Chand raises Rs 13-cr in pre-IPO round

New Delhi, Aug 21 (PTI) Amir Chand Jagdish Kumar (Exports) Ltd has raised Rs 13 crore in a pre-IPO (initial public offering) funding round.

This was the first tranche under the pre-IPO placement and the Haryana-based company may further mobilise Rs 37 crore.

In its public announcement on Thursday, the company said it has undertaken a pre-IPO placement of 7.56 lakh shares at Rs 172 apiece, aggregating to an amount of around Rs 13 crore by way of private placement to Aditi Jain, Shrey Jain and Mamta Tulshyan.

The transaction, conducted in consultation with the book-running lead managers (BRLMs) of Amir Chand Jagdish Kumar (Exports) Ltd, received board approval on August 20.

The company's proposed IPO is entirely a fresh issue of equity shares worth up to Rs 550 crore with no offer-for-sale component. Following the latest fundraise, the size of the fresh issue has been reduced by Rs 13 crore.

Proceeds from the fresh issue will be used by the company to fund the working capital requirements and general corporate purposes.

Amir Chand Jagdish Kumar (Exports) Ltd is a processor and exporter of basmati rice in India. The company markets its products under the flagship brand ‘Aeroplane’. It has also diversified into FMCG products, offering staples and essential kitchen supplies.

It competes with the likes of other large basmati rice companies, including KRBL Ltd, LT Foods and Sarveshwar Foods, and various other unorganised processors. PTI SP SP SHW