Dairy firm Hatsun Agro Product Ltd today said its shareholders have approved a proposal to raise Rs 30 crore through issue of equity shares on preferential basis to non-promoters group.
On September 23, the company's board of directors had approved the issue and allotment of equity shares of Re 1 each fully paid-up at Rs 300 per share by way of preferential allotment to the persons/entities belonging to non-promoter group for up to Rs 30 crore.
This was subject to the approval of the shareholders through Postal Ballot.
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The object of the issue of shares on preferential basis is to raise funds for funding current/future expansion plans and working capital requirements.
In a filing to the BSE, Hatsun Agro Product today informed that this special resolution was passed by the shareholders with requisite majority.
Promoters have 74.98 per cent stake in the company. Post-allotment of the equity shares, their stakes will come down to 74.29 per cent.
Its share price today rose by 5.61 per cent to close at Rs 324.55 apiece on BSE.
Chennai-based Hatsun Agro Products sells milk and icecream under the brands 'Arokya' and 'Arun' in south India.
