Sundrop Brands Limited — Others, 14-11-2024: Cessation

Agro Tech Foods Limited has announced a board meeting outcome highlighting several significant developments. The company proposed to change its name to Sundrop Brands Limited, subject to shareholder approval. Additionally, it plans to increase its authorized share capital from ₹35 crore to ₹50 crore and implement a preferential allotment of approximately 1.33 crore equity shares to fund the acquisition of Del Monte Foods Private Limited for ₹1,300.11 crore. The board also appointed Mr. Nitish Bajaj as Group Managing Director and Dr. Om Prakash Manchanda as Non-Executive Independent Director. This strategic move is likely to enhance the company's market position and investor sentiment, reflecting a positive outlook for growth and diversification.