Edelweiss ARC picking 10.5% stake in small multi-fruits processing firm Tricom

Pune-based Tricom Fruit Products Ltd, a small processed fruit products exporter, has received its board approval to raise Rs 2 crore from Edelweiss Asset Reconstruction Co Ltd (Edelweiss ARC), a wholly-owned subsidiary of Edelweiss Financial Services Ltd, as per a stock market disclosure.

The board of directors of the company at its meeting held on Friday, have approved the issue and allotment of 20 lakh equity shares of face value of Rs 10 each at the price of Rs 10 per share aggregating Rs 2 crore or at such price to be determined on the relevant date in accordance with the ICDR Regulations, 2009 whichever is higher to Edelweiss ARC, the company said.

Founded by Chetan Kothari, a CA by profession, Tricom Fruits is engaged in processing of fruits like mangoes, pomegranates, guavas, papayas, tomatoes, bananas, gooseberries (Amla) in the form of puree concentrate and frozen clear juice concentrate. It merged Tricom Agrochem with itself in 2010 and primarily exports its products to the US, Canada and Europe.

Mumbai-based Tricom Agrochem was incorporated in 1997 and is engaged in exporting fruits, vegetables and other agro commodities. Its products include canned pulp, juice, sauce, syrup, concentrate and fruits like grapes, mango and pomegranate.

(Edited by Joby Puthuparampil Johnson)

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