Hatsun Agro Product’s biggest public shareholder, Shah Family LLC has reduced their stake in the dairy firm. Shah Family, which owned 4.73% or 50.88 lakh shares as of the September quarter, sold 16.25 lakh shares of the company to Integrated Registry Services on an average price of Rs 82 valuing the deal at Rs 13.32 crore.
Shah Family had offloaded 34.3 lakh shares of Hatsun Agro Product earlier this month for Rs 28.12 crore, which was picked by the dairy firm's chairman and managing director R G Chandramogan. Prior to the share purchase, Chandramogan held 59.10% stake in the company at the end of September quarter.
Hatsun is the largest private sector dairy company in India and hence 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.
