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Riddhi Siddhi to issue shares to Roquette Freres

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Our Bureau

Mumbai, Feb. 14

RIDDHI Siddhi Gluco Biols Ltd at its board meeting on Tuesday approved the preferential allotment of 15,78,100 shares to Roquette Freres at a premium of Rs 190 per Rs 10 share.

It also approved the issuance of 85,500 warrants to Roquette and 5,00,000 warrants to promoters and associates, convertible any time within 18 months at a price of Rs 200 per share, said a company release.

Roquette Freres' consolidated turnover is close to two billion euros. Roquette employs 6,000 people and has production facilities in Europe, the US and Asia.

Mr Marc Roquette, Chairman, Roquette Freres, said in the release, "Combining Riddhi Siddhi's strong position in the Indian starch industry with our broad expertise in that sector will provide a very sound base for rapid growth. We also give great value to the fact that our presence in India will reinforce Roquette's global, worldwide position in the starch market."

Roquette Freres markets its products in more than 100 countries, backed up by its global network of subsidiaries and agents. It makes over 650 products from 6 million tonnes of agricultural raw materials.

Mr Ganpatraj Chowdhary, Managing Director, Riddhi Siddhi, said the company was happy in having Roquette Frere as a strategic partner.

"The knowledge, research and development capabilities and experience of Roquette will the pave way for us to consolidate our leadership in the starch and derivatives segment in the country and introduce many products. We are confident of taking rapid strides in the company's growth and creating value for all the stake holders," said Mr Chowdhary.

The board of Riddhi Siddhi also approved the allotment of 5,27,800 shares to Yatish Trading Company Pvt Ltd, Mumbai at the same price.

(This article was published in the Business Line print edition dated February 15, 2006)
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