Auri Grow India Ltd has received a Letter of Intent from Luminary Crown Ltd to acquire a 24% stake at ₹2 per share, a premium over its current price. The deal supports rice exports and sustainable farming projects, boosting investor confidence and driving shares to the 5% upper circuit.
Auri Grow India Ltd has announced that it has received a Letter of Intent (LoI) from Hong Kong-based foreign institutional investor Luminary Crown Ltd to explore acquiring up to 24% equity stake in the company. The proposed deal, priced at ₹2 per share, represents a significant premium over Auri Grow India’s current market price of ₹0.84, signaling strong investor confidence.
Key Highlights
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Equity Acquisition: Luminary Crown intends to acquire a 24% stake, reflecting long-term interest in Auri Grow’s growth potential.
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Premium Valuation: The offer price of ₹2 per share is more than double the prevailing market price, boosting investor sentiment.
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Market Reaction: Shares of Auri Grow India hit the 5% upper circuit following the announcement, underscoring positive market response.
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Growth Strategy: The LoI outlines plans to support rice exports and sustainable farming projects, aligning with Auri Grow’s agri-tech focus.
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Investor Confidence: The move highlights foreign institutional interest in India’s agriculture and agri-technology sector, a space poised for expansion.
Why It Matters
This LoI positions Auri Grow India for strategic growth and global collaboration, potentially unlocking new opportunities in sustainable agriculture and exports while strengthening its financial outlook.
Sources: Livemint, Angel One, Live Hindustan