Sampre Nutritions to raise Rs 355 cr via foreign currency convertible bonds

Health and confectionery products manufacturer Sampre Nutritions on Saturday said its board has approved a fund raise of Rs 355 crore through foreign currency convertible bonds.

The company board in a meeting held on October 3 approved foreign currency convertible bonds (FCCBs) issue aggregating to USD 40 million equivalent to Rs 355.06 crore, Sampre Nutritions said in a statement.

The company will issue 400 FCCBs of USD 100,000 each towards subscription amount of the FCCB as per the subscription, it added.

The FCCB funds will be utilised for the purpose of broadening the global footprint of the company with emerging markets identified in Egypt and Liberia (Monrovia), the company said.

This expansion is well designed to strengthen the company's presence in high-growth regions, diversify revenue streams and capture emerging opportunities in the international FMCG sectors, it added.

Sampre recently signed MOUs with revenue potential of up to Rs 45 crore for the manufacturing and supply of nutraceutical and food products.