NHC Foods Ltd., an exporter of agricultural commodities, has applied to the BSE for a rights issue to meet working capital requirement and for repayment of debt.

“The proceeds of the rights issue will be used to meet working capital requirements and repay some secured loans, thus leading to increased profitability,” Apoorva Shah, Chairman & Managing Director, NHC Foods, said in a statement.

Established in 1960, the company is one of the exporters of agricultural commodities and specialises in the merchant export of spices, food grains, oil seeds, pulses and dry fruits. 

“We export to over 30 countries across the Middle East and Europe including the U.S., U.K., China, Russia, Brazil, South Africa,” Mr. Shah added. 

Mr. Shah had informed shareholders that company would go for expansion, diversification and would investing in digital technology for long term sustainable growth.

“Our export sales turnover in FY24 increased by 26% compared to FY23. Therefore, we plan to have geographical diversification expanding into new international markets to enhance global presence, which will also help reduce market risks. We are also planning to strengthen our foothold in the Indian market through targeted strategies and product innovations,” he said. 

“We will be introducing diverse product offerings like ready-to-cook spices and seasoning mixes. We are also developing organic and health-focused products to cater to health-conscious consumers,” he added.