Spright Agro board to consider foray into agritech businesses

The board will also consider a proposal for a 10:1 bonus issue - issue of bonus equity shares for every one equity share held by shareholders, an exchange filing by the Ahmedabad-based company stated.

Spright Agro Ltd on Tuesday said its board will meet on September 18 to consider a proposal for a strategic foray into agri-tech related businesses such as digital market infrastructure and unmanned aerial systems.

The board will also consider a proposal for a 10:1 bonus issue - issue of bonus equity shares for every one equity share held by shareholders, an exchange filing by the Ahmedabad-based company stated.

It will also consider a 100 percent dividend on the equity share capital of the company for the current financial year, the filing said.

"In order to complement and strengthen existing agriculture value-chain operations, the company is evaluating a strategic entry into AgriTech-related businesses.

"It may contemplate in-house builds, strategic alliances, technology licensing and subsidiary or SPV formation," the filing said.

The Board will review a proposal to initiate feasibility studies, pilots and partnerships across multiple technologies of agritech, including precision agriculture & farm automation, unmanned aerial systems (drones) and digital market infrastructure, the company, which is engaged in contract farming and greenhouse technology, it added.