Heritage Foods spurts after board approves rights issue

Heritage Foods surged 12.52% to Rs 350 after the company's board approved rights issue of equity shares in the ratio of 1:1.

The board of Heritage Foods approved issuing 1 new fully paid equity share for each fully paid equity share held (1:1) by eligible shareholders as on the record date.

The company plans to issue 4,63,98,000 in the proposed rights issue. The board has constituted 'Rights Issue Committee' to decide detailed terms and conditions of the rights issue.

"The promoter and promoter group of the company may subscribe to all the unsubscribed shares in the issue, if any," the company said in a statement.

Heritage Foods is one of the largest private sector dairy enterprises in Southern India. Its milk and milk products have a market presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh.

On a consolidated basis, net profit of Heritage Foods declined 75.98% to Rs 7.27 crore on 26.68% rise in net sales to Rs 820.92 crore in Q1 June 2022 over Q1 June 2021.

Powered by Capital Market - Live News