Hatsun Agro Products has decided to raise Rs 30 crore through issue of preference shares and consider diversifying its product base. The company is planning to issue preference shares of face value of Rs 1 at a premium of Rs 299 totalling Rs 300 a share from non-promoter individuals or the price of the share will be in line with the SEBI regulations whichever is higher.
The company will seek shareholders' approval through a postal ballot. The funds will be used to meet the working capital requirement and capital expenditure.
The dairy company, which is into the sale of Arokya brand of liquid milk and a wide range of dairy products under the Hatsun brand, is also planning to enter ready-to-eat foods. It will start on experimental basis production and sale of a range of ready-to-eat food items.
Hatsun Agro Products is the largest private sector dairy company in India and has a distinct advantage of dealing in cow's milk. The company procures around 1.65 million liters of liquid milk per day by directly collecting it from farmers spread over 4,500 villages in south India.
| Company Name | CMP |
|---|---|
| Varun Beverages | 474.05 |
| Nestle | 1285.65 |
| Britannia Inds | 5733.75 |
| LT Foods | 422.10 |
| Hatsun Agro Product | 979.20 |
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