Temptation Foods To Raise $200mn
Temptation Foods Ltd plans to raise up to $200mn via sale of shares to institutional investors or issue of depository receipts and has got the board's approval for the same. The board also proposed a rights issue to fund expansion.
The company will issue 7.5mn shares at Rs 40per share on preferential basis to Taib Securities Mauritius Ltd, HBS India Investment Mauritus LTd and India Max Investment Fund Ltd.
Temptation Foods Limited, incorporated in 1991, is engaged frozen food processing and exports. The company sells its products under brands Ever Fresh, Karen Anand and Delika. As of March 31, 2009, the Company acquired Kohinoor Foods Limited, company engaged in Basmati rice and Ready-To-Eat (RTE) business. In June 2008, Kohinoor had alleged temptation of a hostile takeover attempt when it acquired stake of almost 30% in Kohinoor. In 2009, TFL cut its stake in Kohinoor, finally bringing it down to 3.57% as of November.
TFL posted a net profit after tax of Rs 52.6cr in FY 09.
Temptation Foods Ltd's past deals:
| Date | Type | Buyer | Target | Size (Rs in cr) |
| Jan-08 | Acquisition | Temptation Foods Ltd. | Aptsource Software Ltd | - |
| Nov-07 | Brand Acquisition | Temptation Foods Ltd. | EverFresh | - |
| Oct-07 | QIP | Citigroup Global Markets, Macquarie Bank, HSBC Financial Services, Morgan Stanley, Lehman Brother, UBS Securities, Merrill Lynch, Wardferry | 114 | |
Source : Reuters
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 04/02/10 | Temptation Foods- QIP/GDR/ADR | IPO / Offerings | 200.00 | |
| 04/02/10 | Temptation Foods - Private Placement (Taib Securities, HBS Investment, India Max Investment) | IPO / Offerings | India Max Investment Fund Limited | 6.51 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 31/01/12 | M&A | Starbucks Group | Tata Starbucks Limited | - | Announced |
| 30/01/12 | IPO / Offerings | Betul Oil Limited | 22.03 | Called Off | |
| 21/12/11 | M&A | Bunge Limited | Oils And Fats Biz | - | Completed |
| 13/12/11 | M&A | International Breweries | South India Based Company | - | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Temptation Foods Limited | Venture Business Advisors Private Limited | 4Unity House, 8, Mama Parmanand Road Opp. State Banks Of India Opera House Mumbai 400004 |
Britannia Industries Limited Capital Foods Limited Kilban Foods India Private Limited Marco Food Products Limited Global Green Company Private Limited |
http://www.temptationfoods.com |
| 1 | October 23, 2010 12:59 PM |
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