Mumbai, October 22, 2024 – 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 ₹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 ₹50 per share, aggregating to ₹98 crore. This price includes a premium of ₹49 per share on the face value of ₹1. 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.
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.
The company plans to expand its operations further, capitalizing on this capital infusion to enter new markets and enhance its global footprint. Additionally, the company’s Board approved an increase in its authorized share capital from ₹30 crore to ₹40 crore to facilitate the preferential issue. 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 Mr. 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”
