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Hatsun Agro Products Ltd has decided to raise ₹ 30 crore through issue of preference shares and consider diversifying its product base.
According to information provided by the company to the BSE, it plans to issue preference shares of face value of ₹ 1 at a premium of ₹ 299 totalling ₹ 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, also plans to enter ready-to-eat foods. It will start on experimental basis production and sale of a range of ready-to-eat food items. A commercial decision will be taken at a later date, it said.
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