GRM Overseas Sells Stake in Food Subsidiary to Sauce.vc, Witnesses Surge in Share Price

GRM Overseas Sells Stake in Food Subsidiary to Sauce.vc, Witnesses Surge in Share Price

VoM News Desk | December 11, 2023 | 03:31 PM IST | Breaking News | Follow on Google News

GRM Overseas Sells Stake in Food Subsidiary to Sauce.vc, Witnesses Surge in Share Price Image/PTI

GRM Overseas Sells Stake in Food Subsidiary to Sauce.vc, Witnesses Surge in Share Price

GRM Overseas recently divested over 3% stake in its subsidiary, GRM Foodkraft Pvt. Ltd., to Sauce.vc, a consumer-focused venture capital fund.

The undisclosed deal also included Sauce.vc acquiring an additional 1% stake from other shareholders.

In a disclosure to Indian stock market exchanges, GRM Overseas highlighted the stake sale, stating, “We have sold more than 3 percent stake in GRM Foodkraft Private Limited, a significant subsidiary, to Sauce.vc, a Consumer-Focused Venture Capital Fund.”

Atul Garg, MD of GRM Overseas Ltd., expressed delight at Sauce.vc becoming a strategic investor, foreseeing substantial benefits from their extensive experience in creating contemporary brands.

He emphasized plans to elevate their existing brands into renowned names within their product categories, alongside exploring new brand launches in packaged foods and expanding their digital presence.

Manu Chandra, Founder & Managing Partner of Sauce.vc, emphasized Foodkraft’s established strengths in supply chain and distribution within packaged foods and staples.

He outlined intentions to leverage this expertise to introduce new food brands in promising categories, noting Foodkraft’s significance in their diverse portfolio of investments.

Following this announcement, GRM Overseas witnessed significant buying interest in morning trading on Monday. The company’s shares opened at ₹188.45 apiece on the NSE, reaching an intraday high of ₹198 per share, marking an approximate 5% gain during intraday trading.

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VoM News Desk

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