heritage foods share price: Heritage Foods spikes 16% as board approves 1:1 rights issue

New Delhi: (HFL) on Friday introduced that its board on the assembly held at present authorised the elevating of funds on a rights challenge foundation.

The corporate mentioned it will challenge fairness shares within the ratio of 1:1 by the way in which of the rights challenge on the face worth of Rs 5 per fairness share to the present shareholders of the corporate as on the document date.

The document date for a similar will probably be notified later, the corporate knowledgeable bourses through an change submitting. The promoter and promoter group of the corporate might subscribe to all of the unsubscribed shares within the challenge, if any, it mentioned.

The corporate will challenge 4,63,98,000 fairness shares with a face worth of Rs 5 every, aggregating to about Rs 23.2 crore.

Following the announcement of the difficulty, shares of Heritage Meals shot up over 16 per cent to Rs 362.20 on Friday. The scrip had ended the earlier session at Rs 311.05 on BSE.

All eligible shareholders will get one new absolutely paid-up fairness share for every absolutely paid-up share held by them as of the document date.

“The board has constituted and approved ‘Rights Situation Committee’ to resolve detailed phrases and circumstances of the difficulty, together with however not restricted to deciding the cost modalities/schedule thereof, document date, timings, different phrases and circumstances and all different associated issues,” the submitting added.

Put up the rights challenge, the corporate’s excellent fairness shares capital will double to 9,27,96,000 fairness shares from the present 4,63,98,000 fairness shares.