Watch out for this stock that delivered over 70 per cent returns in just one year!

Watch out for this stock that delivered over 70 per cent returns in just one year!

Kiran Shroff
/ Categories: Trending, Mindshare

Saudi Agricultural and Livestock Investment Company to hold a 9.22 per cent equity stake in this company through a primary and secondary investment of Rs 455.5 crore

LT Foods is into the consumer food business for the last 70 years, a leading player in specialty rice products and organic products across the globe, delivering the finest quality and taste experience. The company portfolio includes a range of Daawat Rice, Royal-North America Basmati Rice, and other leading brands. The business is also proudly extending its organic offerings by supplying top companies with organic food components and by selling organic basics to customers in markets throughout the world. The Company has consolidated revenue of around Rs 5,451 crore as of FY22.  

The Board of Directors of LT Foods approved the primary purchase of 27,408 equity shares or 7.89 per cent equity stake in LT Foods, at Rs 142.23 per share to Saudi Agricultural and Livestock Investment Company (SALIC). In addition to this SALIC will acquire more than 1.33 per cent equity stake through a secondary share purchase from the promoters. Once the transaction is completed, SALIC will hold a 9.22 per cent equity stake in LT Foods, and promoters of the company will still hold the majority of the equity stake of 51 per cent.  

This deal will be a testament to how well LT Foods and SALIC have worked together. Additionally, it will provide SALIC with more exposure to the specialty rice market and help them acquire bigger orders of specialty basmati rice for the Saudi Arabian Kingdom. Along with giving LT Foods access to a sizeable market, the company will also engage in a Strategic Supply & Cooperation Agreement with SALIC to support its food security objective.  

In the previous trading session stock soared up 4.80 per cent to Rs 119.95, but today the stock plunged 0.29 per cent to Rs 119.60.

 Investors must keep a close eye on this stock.

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