Approval for preferential issue of equity shares
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Tejassvi Aaharam's board approved a preferential issue of up to 5,11,62,204 equity shares at Rs. 10 per share (aggregating ~Rs. 51.16 crores) on a share-swap basis to acquire 100% of Funk Foods Private Limited (FFPL). The acquisition is in the same line of business — freeze-dried, clean-label food products — with FFPL posting a turnover of Rs. 7.97 crores in FY25 (up from Rs. 1.71 crores in FY24). The authorized share capital is being raised from Rs. 25 crores to Rs. 75 crores to accommodate the issue, and a postal ballot will seek shareholder approval. Q3 FY26 revenue came in at Rs. 30.11 crores (vs Rs. 3.53 crores YoY), though the company reported a small net loss of Rs. 6.61 lakhs for the quarter and Rs. 59.96 lakhs for 9M FY26.
The deal is a non-cash share swap, so there is no immediate cash outflow, but existing shareholders will see significant dilution (~5.11 crore new shares vs existing 70 lakh). The acquisition strengthens the company's food product portfolio but its profitability remains a concern given persistent losses.