Parag Milk Foods has executed a Subscription and Policy Right Agreement with International Finance Corporation (IFC).
Under the agreement, Parag Milk will issue and allot 6756,756 fully paid Equity Shares to IFC. The subscription price would be Rs111 per equity share.
With that, IFC will acquire about 6.41% stake in Parag Milk. The transaction is aggregating to nearly Rs750cr.
Last month, Parag Milk announced to issue equity shares to IFC on a preferential basis. The proposal was approved by shareholders in the extraordinary meeting on April 26, 2021.
At around 2.11 pm, Parag Milk is trading at Rs129.70 per piece up by 12.44% on Sensex.
In the early trading session of Wednesday, Parag Milk also touched a new 52-week high of Rs132.35 per piece on Sensex.