Hatsun Agro board approves rights issue

Hatsun Agro Product announced that its board has approved raising Rs 301 crore through rights issue of equity shares.

In an exchange filing, the company said that its board has approved issuing upto 71,85,444 fully paid-up equity shares at Rs 419 each, aggregating to Rs 301,07,01,036.

The issue will open on Monday, 19 December 2022, and it will close on Monday, 9 January 2023. The record date is fixed on Thursday, 8 December, 2022.

The rights entitlement ratio is set at 1:30 (one rights equity share for every thirty fully paid-up equity shares held by the shareholders, as on the record date).

Post rights issue, the company's outstanding equity shares will increase to 22,27,48,767 from 21,55,63,323, currently.

Earlier on 19 September 2022, the company's board approved raising upto Rs 400 crore via rights issue of equity shares.

Hatsun Agro Product manufactures and markets dairy products like milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, paneer, etc.

The company's net profit tumbled 48.26% to Rs 42.48 crore on 7.36% rise in net sales to Rs 1,747.73 crore in Q2 FY23 over Q2 FY22.

Shares of Hatsun Agro Product declined 1.43% to end at Rs 945.60 on Friday, 2 December 2022. The rights issue price is at 55.69% discount to the ruling market price.

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