Bennett Coleman & Co Ltd-backed fruit juice maker Tunip Agro, that sells the Onjus brand of beverages, is looking to raise Rs 45.5 crore through a public float. It plans to use the funds to set up manufacturing facilities in Sri Lanka, purchase office premises in Mumbai besides meeting working capital requirements.
Two group firms of BCCL acquired 11.68% together for around Rs 6.67 crore ($1.4 million) in May this year, valuing the firm at Rs 57 crore. Unlike most of its deals routed through Times Private Treaties or Brand Equity Treaties Ltd, in this case, BCCL has also struck part of the deal through another of its investment arms Dharmayug Investments Ltd.
Tunip Agro is a six year old company with revenues of Rs 39.9 crore and net profit of Rs 0.91 crore for the year ended March’10.