Parag Milk Foods Ltd on Wednesday reported that it has raised a sum of Rs 131 crore through special designation from marquee financial backers and advertisers. In an administrative document, the organization said investors have contributed Rs 113 crore and promoters about Rs 18.75 crore checking out the promising development system.
“The ongoing returns of particular shares and warrants would be used to subsidize our drawn-out capital necessities and to upgrade the functioning capital requirements,” Parag Milk Foods executive Devendra Shah said.
This will support further reinforcing the organization’s asset report and drive the organization for sped up development ahead, he said.
As per the organization, this raised support comes at an ideal chance to empower the organization to meet its extended working capital need to benefit from interest potential and make ready for a productive business ahead. In front of the bubbly season, the interest energy for dairy items proceeds to speed up and every one of its brands is seeing a flood in the generally offtake, it said.
The organization has posted a hearty Q1 execution with 57.6 percent year-on-year expansion in income; outperforming the inner development targets both as far as volume and worth, it added.
Parag Milk Foods, which sells under the brand name “Pride of Cows”, has its own assembling offices at Manchar in Maharashtra, Palamaner in Andhra Pradesh and Sonipat in Haryana.