Foods & Inns was locked at a cap of 5%, or Rs 133.95 after the company received board approval to raise Rs 210.53 crore through warrants from six investors. The Allotment Committee of the board approved 2,21,61,749 convertible warrants entitlement holders to subscribe for one share of Re 1 par value at an issue price of Rs 95 per warrant.

The warrants expire within 18 months from the allotment date.

A payment equivalent to 30% of the issue price of the warrants has been paid upon subscription and allotment of each warrant, and the warrant holder shall pay the remaining 70% upon exercise of the warrants.

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The company recorded a 118.6% jump in net profit to Rs 13.75 crore on a 44.3% rise in net sales to Rs 245.07 crore in the second quarter of FY23 over the second quarter of FY22.

The company has produced various fruit pulps, spray-dried fruit, concentrates and vegetable powders worldwide.