NHC Foods Receives BSE Nod For Rs 49 Crore Rights Issue

NHC Foods, a leading exporter of agricultural commodities, has secured in-principle approval from the Bombay Stock Exchange (BSE) for a rights issue of up to Rs 49 crore. This initiative aims to boost the company’s working capital, repay secured loans, and reinforce its long-term growth trajectory.

The planned fund infusion comes as NHC Foods continues to experience strong financial performance. For the quarter ending 30 June 2024, net profit surged by 391 per cent to Rs 200.88 lakhs, and revenue rose by 75 per cent to Rs 7,366.12 lakhs. Chairman and Managing Director Apoorva Shah commented, “The proceeds from the rights issue will further strengthen our profitability by addressing capital needs and debt reduction.”

Recognised as a Three Star Export House, NHC Foods supplies spices, grains, oil seeds, pulses, and dry fruits to over 30 countries, including markets across the Middle East, Europe, the USA, UK, and China. Shah also outlined the company’s growth plans, noting new expansions in international markets and strategic diversification within India. "We’re focusing on product innovation with offerings like ready-to-cook spices and health-focused products, as well as enhancing our e-commerce presence,” Shah added.

NHC Foods is also investing in sustainable practices, promoting eco-friendly solutions and supporting sustainable farming efforts, aligning with its commitment to responsible growth.