Parag Milk raises Rs 161 cr from ex-RARE CEO Sheth promoters

Mumbai, Apr 3 (PTI) Parag Milk Foods on Thursday said it has raised Rs 161 crore fund from a clutch of investors, including promoter Shah family and Utpal Sheth, former chief executive officer of Rakesh Jhunjunwala's RARE Enterprises.
     The fast moving consumer goods company has raised the money through a preferential issue of 90 lakh convertible warrants which will translate into an equal number of paid-up equity shares on conversion, according to a statement.
     The convertible warrants have been issued at a price of Rs 179.10 per share warrant, the statement said.
     Shares of Parag Milk closed 8.29 per cent higher at Rs 182.85 a piece on Thursday.
     Other allottees include the company's chief strategy officer Ankit Jain (2 lakh warrants), Rajesh Kabra, Vishesh Dalal and Trishakti Power Holdings.
     The company is well-positioned to enhance its operational efficiency, drive innovation, and further strengthen its market leadership in the dairy industry.
     The company's promoters, including chairman Devendra Shah and managing director Pritam Shah, who have also been allotted warrants, will continue to play a pivotal role in its strategic direction, the statement added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)