Temptation Foods to raise 200 million USD through QIB

Mumbai, Apr 11 (UNI) Temptation Foods Limited, one of India's leading producers and exporters of frozen fruits and vegetables, today announced its plans to raise 200 million USD, to fund its capacity expansion and acquisition plans.

The Company Chairman and Managing Director Vinit Kumar, while announcing its financial results here today, said that the fund would be raised through qualified institutional bidding (QIB), within next two months.

''We have firm plans in place to expand capacity through further acquisitions and strategic tie ups within the industry,'' Mr Kumar said, adding that the Company had already acquired three businesses, including two brands during the last year financial year.

The company has posted a ten-fold net profit growth at Rs 13.11 crore for the fourth quarter of FY-08 as compared to Rs 1.39 crore in the corresponding quarter in previous fiscal. The total income for the same quarter grew by over twenty times at Rs 255 crore from Rs 11.45 crore, a year ago.

Basic Earnings Per Share (EPS) for the period stood at Rs 5.21 on a capital base of Rs 251.4 million.

The company, engaged in the frozen foods processing and exports business since 1991, has the state of art production and processing facilities at Jejuri, Sonepat and Karnal.

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