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VMPL
Mumbai (Maharashtra) [India], October 22: Mukka Proteins Limited, India's largest fish meal and insect meal producer and a leader in the animal protein industry, has announced the approval of a preferential issue worth Rs 98 crore by its Board of Directors. This strategic move will help Mukka Proteins in its ongoing domestic and international acquisition and expansion efforts, reinforcing its position in the global market. A significant portion of the funding will come from the promoter and promoter group, underlining their commitment to the company's robust growth strategy. The preferential issue will comprise up to 1.96 crore equity shares at Rs50 per share, aggregating to Rs98 crore. This price includes a premium of Rs49 per share on the face value of Rs1. Mukka Proteins will use the raised capital to enhance production capabilities and meet the growing global demand for sustainable and high-quality protein solutions, particularly in the fishmeal and insect meal sectors. In a clear show of confidence, Mukka Proteins' promoters have committed to a capital infusion of INR 60 crore through a preferential allotment of equity shares. This significant financial backing will be used to strengthen the company's financial position, reduce debt, and fund key operational improvements. Mukka Proteins has consistently embraced sustainability, having commercialized insect protein as a significant innovation for the aquaculture and animal feed industry. The company's waste-to-food initiatives have contributed to environmental sustainability, particularly in collaboration with the Mangaluru municipality for waste management. These efforts not only align with global environmental best practices but also enhance circular economy processes, focusing on converting municipal waste into valuable protein and oil products. Mukka Proteins is known for its strong commitment to ecological preservation, evident through the development of sustainable products such as fishmeal, fish oil, and insect protein. As a key player in the aquaculture and nutraceutical markets, Mukka contributes 25-30% of the market share in India's fishmeal and fish oil industry. The company plans to expand its operations further, capitalizing on this capital infusion to enter new markets and enhance its global footprint. This issuance is subject to necessary statutory and regulatory approvals, including shareholder approval at the upcoming Extra-Ordinary General Meeting (EGM) on November 16, 2024. Managing Director and CEO Harris commented, "This preferential issue is a major milestone for Mukka Proteins as we continue to strengthen our market position. Our growth plans remain firmly rooted in sustainability, and this capital will enable us to scale up production, diversify our product offerings, and reinforce our commitment to responsible and eco-friendly business practices." Mukka Proteins Limited is poised to capture new opportunities in the animal protein sector, reinforcing its legacy of innovation, sustainability, and operational excellence. Mukka Proteins Limited: Mukka Proteins Limited is a leading manufacturer and exporter of fish meal, fish oil, and other protein products. The company has built a reputation for delivering high-quality, sustainable protein products to a global customer base. With a commitment to innovation and quality, Mukka Proteins serves industries including aquaculture, pet food, and agriculture across multiple continents. Headquartered in Mangalore, India, Mukka Proteins operates state-of-the-art processing facilities that meet stringent international standards. The company is dedicated to sustainable practices and has been at the forefront of environmental stewardship within the protein processing industry. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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