Stock market update: Sarveshwar Foods Approves Increase in Authorised Capital
Business
Stock market update: Sarveshwar Foods Approves Increase in Authorised Capital – Full Details Inside
Stock market update: Sarveshwar Foods Approves Increase in Authorised Capital – Full Details Inside
Sarveshwar Foods entered into collaborations with select Non-Banking Financial Companies (NBFCs) to improve access to finance for farmers.
Stock market- File image- For Representational purpose
Stock market update: Jammu-based FMCG and food processing company Sarveshwar Foods Limited has informed the stock exchanges that its Board of Directors has approved a proposal to increase the company's authorised share capital.
As per the regulatory filing, the board has cleared a resolution to raise the authorised capital from ₹120 crore to ₹160 crore, marking a significant step towards enhancing the company's financial flexibility. The proposed change will also involve an amendment to the company's Memorandum of Association (MoA) to replace the existing Clause V with the updated clause, subject to shareholder approval.
'Approved increase in authorised capital of the Company from ₹120,00,00,000 (Rupees One Hundred and Twenty Crores only), consisting of 120,00,00,000 equity shares of Re.1/- each, to ₹160,00,00,000 (Rupees One Hundred and Sixty Crores only), consisting of 160,00,00,000 equity shares of Re.1/- each, subject to members' approval,' the filing stated.
Strategic Partnerships with NBFCs
In a strategic move announced last year, Sarveshwar Foods entered into collaborations with select Non-Banking Financial Companies (NBFCs) to improve access to finance for farmers. The company is acting as a facilitator, linking farmers with NBFCs to support agricultural productivity and financial inclusion.
Importantly, the financing arrangements are entirely between the NBFCs and the farmers, with no financial obligation or recourse to Sarveshwar Foods.
Stock Market Update
On the broader market front, Indian benchmark indices rebounded sharply on Wednesday following a heavy sell-off in the previous session. Investor sentiment was buoyed by strong buying in banking and blue-chip stocks, alongside positive cues from Asian markets.
While BSE Sensex surged 835.2 points (1.02%) to 82,021.64, the NSE Nifty gained 262.3 points (1.06%) to reach 24,946.20.
Top gainers from the Sensex pack included Sun Pharma, Bajaj Finance, UltraTech Cement, Mahindra & Mahindra, Bajaj Finserv, Tech Mahindra, HDFC Bank, and Tata Motors.
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