Shares of LT Foods climbed over 2 per cent today as the board approved the proposed investment of up to Rs 140 crore by India Agri Business Fund II in Nature Bio Foods, a wholly owned subsidiary of the company.
The announcement was made on Friday post market hours.
The scrip was trading 2.35 per cent up at Rs 56.70 at around 9.40 am. It opened at Rs 56.45 and touched an intraday high and low of Rs 56.80 and Rs 55.65, respectively, so far. Benchmark BSE Sensex was up 110 points, or 0.29 per cent, at 38,755 at around the same time.
“The board of directors of LT Foods has approved the proposed investment of up to Rs 140 crore by India Agri Business Fund II Ltd in the share capital of Nature Bio Foods (NBFL), a wholly owned subsidiary of the company, in one or more tranches in terms of the definitive agreements signed among the parties and subject to fulfilment of certain conditions as set out in the definitive agreements,” the company said in a BSE filing.
LT Foods is a branded specialty foods company. It is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in the domestic and overseas market.