Announced Wed, 24 Jun · 10:43 IST
Sanstar allots shares to US investor Ingredion unit, appoints two directors
Management Changes View source PDF
SANSTAR · price
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Price reaction · full curve 14 horizons · vs prior close
+2.8%1-day move
₹120.60
prior close
₹123.83
base price
In-mkt
timing
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AI summary
Sanstar allotted 1.80 crore equity shares at Rs. 110 each to Corn Products Development Inc. (US-based Ingredion group) on a preferential basis, raising about Rs. 198 crores. The investor also got a board seat, with Mr. Jacques Guglielmi (an Ingredion executive) appointed as nominee director. Mr. Niraj Shah was appointed as independent director for 3 years. Paid-up share capital rose from Rs. 36.44 crores to Rs. 40.05 crores.
Likely market impact
Foreign strategic investor Corn Products/Ingredion takes a stake and board seat, bringing about Rs. 198 crores capital and signaling a global partnership.