GRM Overseas Signs Distribution Deal with DIPLOMAT GEORGIA

On July 8, 2024, GRM Overseas Limited announced in a stock exchange filing that it had signed an agreement with DIPLOMAT GEORGIA to distribute its brand of basmati rice, ‘Tanoush,’ through Diplomat’s distribution channels. ‘Tanoush’ basmati rice will be offered in 1kg, 5kg, and 20kg packs.

Under the agreement, Diplomat Georgia will serve as the exclusive distributor of GRM Overseas products in Georgia for two years. Diplomat Group also operates in Israel, Cyprus, and New Zealand.

Speaking of this agreement, the Chairman and Managing Director of GRM Overseas, Mr Atul Garg, said, “The distribution agreement with Diplomat Georgia is a significant step towards further strengthening our global markets. Diplomat Georgia brings with it a robust distribution network and capabilities which will help us further strengthen our presence in that region. The collaboration is strategically important for us, as it will further boost our brand awareness and customer-base.”

In June 2024, GRM Overseas Limited announced that its Board had approved raising ₹136.5 crore by issuing share warrants on a preferential basis to 33 investors, including both promoters and non-promoter investors. The Board has sanctioned the allotment of up to 91,00,000 share warrants at an issue price of ₹150 each, which includes a premium of ₹148 per warrant. The raised funds will be utilised to expand the “10X” brand in India, transforming the company into a comprehensive food FMCG product entity. The company also added that additionally, the funds will support future inorganic growth opportunities through strategic mergers and acquisitions and enhance operational capabilities. These initiatives may be executed directly by the company or via its subsidiaries or joint ventures.

About GRM Overseas Ltd

GRM Overseas Ltd is mainly involved in the business of milling, processing and marketing of branded and non-branded basmati rice in the domestic and international markets. GRM sells products under its brands, namely 10X, Himalaya River and Tanoush. They also sell through private label arrangements under customers’ brands.

On July 8, 2024, the share price of GRM Overseas Limited opened at ₹203.99, touching the day’s high at ₹210.00, as of 2:15 PM on the NSE.

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