NEW DELHI: GRM Overseas, a prominent Indian basmati rice exporter, announced on Friday its plan to raise Rs 136.5 crore through the issuance of share warrants on a preferential basis to a mix of promoters and non-promoters.

The board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs 150, including a premium of Rs 148 per warrant. This fundraising strategy aims to bolster the company's '10X' brand in India, transforming it into a comprehensive food FMCG product company.

The funds will also support future inorganic growth opportunities, such as strategic mergers and acquisitions and enhancing operational capabilities.

According to the company, these activities may be executed directly by GRM Overseas or through its subsidiaries or joint ventures. Notable investors include Atul Garg (Promoter), Forbes EMF, Singularity Equity Fund, and Nikhil Vora HUF, among others.

Chairman and MD Atul Garg stated, 'This fund-raise will boost the market competitiveness and product range of the company, driving our initiatives for future growth and operational enhancement.'