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Auri Grow India Ltd’s board is considering a non-binding LoI from Hong Kong-based Luminary Crown Ltd to acquire a 24% stake at ₹2 per share, more than double its current price. The proposal highlights investor confidence in Auri Grow’s agri-tech and export business, sparking a sharp rally in its stock.
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Auri Grow India Ltd (NSE: AURIGROW) announced that its board is evaluating a non-binding Letter of Intent (LoI) from Luminary Crown Ltd, a Hong Kong-based Foreign Institutional Investor (FII). The proposal involves acquiring up to 24% equity stake in the company through preferential allotment.
Key Highlights
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Stake Proposal: Luminary Crown Ltd has expressed interest in acquiring a 24% stake at an indicative price of ₹2 per share, representing a premium of over 100% compared to Auri Grow’s current trading price of ₹0.84.
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Market Reaction: Following the announcement, Auri Grow’s shares surged to ₹0.87, hitting the upper circuit and extending a rally that has seen gains in 11 of the last 12 sessions.
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Strategic Fit: The investment is expected to strengthen Auri Grow’s agriculture, agri-technology, and export-oriented operations, aligning with India’s growing focus on sustainable farming and global trade.
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Board Review: The company clarified that the LoI is non-binding, and discussions are ongoing to assess strategic collaboration and long-term value creation.
This potential investment underscores investor confidence in Auri Grow’s growth trajectory and highlights the increasing appeal of India’s agri-tech sector.
Sources: Smart Investment News, Ventura Securities, Samco
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