Ganges Securities Limited — Important, 29-11-2024: General Updates

Ganges Securities Limited has received an intimation from Morton Foods Limited (MFL) regarding the allotment of 20,00,000 rights shares for a total of Rs. 5 crore, subscribed in cash. These shares will be credited to Ganges's demat account within 60 days of allotment. Following this transaction, Ganges's shareholding in MFL will rise to 17.69%, up from 16.70%. MFL, an unlisted public company focused on canned fruits and vegetables in the FMCG sector, reported a paid-up capital of Rs. 21.10 crore and revenues of Rs. 35 crore, Rs. 45.38 crore, and Rs. 50.79 crore for the years 2021-22, 2022-23, and 2023-24, respectively. Ganges does not aim to acquire management control of MFL, and the transaction is being conducted at arm’s length, requiring no regulatory approvals. This development could strengthen Ganges’s position in the FMCG market, suggesting a positive outlook for its investment strategy.