Country’s Leading Food Processing Player, Foods and Inns Limited Declares Bonus Issue

13 March 2019

Business Wire India
The Board of Directors Board of Foods & Inns Limited at its Meeting held on March 11th, 2019 recommended Bonus Issue of Equity Shares in the ratio of 2 (Two) Equity Shares of Re.1/- each for every 1 (One) Equity Share of Re. 1/- each held by the shareholders of the Company as on the record date, subject to the approval of the shareholders.
This bonus was approved by the board as the company had recently monetized its prime commercial factory land in Chembur, Mumbai for approx. Rs. 148 crores in the month of October 2018 and had repaid the debt of over Rs. 100 crores in the same month. The directors also felt that it is appropriate to reward the shareholders with a bonus issue given the successful monetization of the company asset. The record date for the same will be decided post approval in AGM.
Foods & Inns Limited declared its Q3 financial results last month. Q3 revenue for the current financial year is Rs. 8,463.01 lakhs and first nine months revenue stands at Rs. 22,233.99 lakhs. Net Profit for the Q3 for the current financial year is Rs. 10,618.08 lakhs.
About Foods and Inns
Foods & Inns is in the business of food processing & is one of the leading mango pulpers in the country having marquee clients like Coca-Cola, Pepsi Co, Unilever, Haagen Dazs, Nestle, Kraft Heinz, Paper Boat etc. Finns Frozen foods ltd. a subsidiary of the company has been merged into Foods & Inns by virtue of a recent NCLT order and is engaged in the business of manufacturing, marketing & trading of frozen snacks, vegetables, fruit pulps & purees. The company is a govt. recognized export house in the Food processing category.
It has three three state-of-the-art food processing plants (at Nashik, Valsad and Chittor) with world class hygiene and a logistic centre at Chennai. The infrastructure is designed such that processing is done in a unidirectional way from raw material to finished goods that protect products from cross contamination.
Foods and Inns Limited has been consistently recognized by the Indian Agricultural and Processed Food Product Export Development Authority (APEDA) via consecutive awards since 2012.