Mukka Proteins Limited announces preferential issue of Rs 98 million for acquisition and expansion – ThePrint

VMPL

Mumbai (Maharashtra) (India), October 22: Mukka Proteins Limited, India’s largest producer of fish meal and insect meal and a leader in the animal protein industry, announced the approval of a preferential issue worth Rs 98 crore per its Board of Directors. This strategic move will help Mukka Proteins in its continued national and international acquisition and expansion efforts, strengthening 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 million equity shares at Rs50 per share, totaling Rs98 million. This price includes a premium of Rs49 per share over the face value of Rs1. Mukka Proteins will utilize the capital raised to improve production capabilities and meet growing global demand for high-quality, sustainable protein solutions, particularly in the fishmeal and insect meal sectors.

In a clear show of confidence, the promoters of Mukka Proteins have committed to a capital infusion of Rs 60 million through a preferential allotment of shares. This significant financial support will be used to strengthen the company’s financial position, reduce debt and finance important operational improvements.

Mukka Proteins has consistently embraced sustainability, having commercialized insect proteins 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 by focusing on converting municipal waste into valuable proteins and petroleum products.

Mukka Proteins is known for its strong commitment to ecological preservation, evident through the development of sustainable products such as fish meal, fish oil and insect protein. As a key player in the aquaculture and nutraceuticals markets, Mukka contributes 25-30% market share in the Indian fishmeal and fish oil industry. The company plans to further expand its operations, capitalizing on this capital infusion to enter new markets and increase its global presence.

This issuance is subject to the necessary statutory and regulatory approvals, including shareholder approval at the next Extraordinary General Meeting (EGM) on November 16, 2024.

Managing Director and CEO Harris commented: “This preferential issuance is an important milestone for Mukka Proteins as we continue to strengthen our market position. Our growth plans remain firmly rooted in sustainability and this capital will allow us to increase production, diversify our product offering and reinforce our commitment to responsible and environmentally 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 providing high-quality, sustainable protein products to a global customer base. With a commitment to innovation and quality, Mukka Proteins serves industries such as 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 management in the protein processing industry.

(ADVERTISING DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content thereof)

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