India's LT Foods gains on share allotment to Saudi Arabian investment firm

LT Foods

01/03/2023 08:40

** Shares of LT Foods  LTOL.NS  rise as much as 2.43% to
98.90 rupees
    ** Rice processing company allots 27.41 mln shares to Saudi
Arabia-based SALIC International Investment firm, after
receiving competition regulator's approval two weeks ago
    ** SALIC has been an investor in LT Foods since 2020 and
held a 9.2% stake ahead of the share allotment
    ** SALIC and LTOL had previously entered into a strategic
supply and cooperation agreement to aid the Saudi firm in its
food security agenda while providing LTOL access to Saudi
Arabian market
    ** Trading volume is 329,500 shares as of 1:56 p.m. IST,
nearly half the 30-day avg of 738,671 shares - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))