Hatsun Agro to raise Rs 50 crore through rights issue

NEW DELHI: Dairy products producer Hatsun Agro on Monday said it will raise up to Rs 50 crore through a rights issue.

"The board of directors of the company at its meeting held on June 25, 2012, has approved the issue of equity shares on rights basis to the existing shareholders amounting to a maximum of Rs 50 crore," according to a stock exchange statement by Hatsun.

The board has constituted a rights issue committee to decide the pricing and basis of allotment, it added.

The company produces and markets dairy whitener, skimmed milk powder, ghee, butter, cooking butter, milk, varieties of curd, paneer and buttermilk. It also exports dairy products to 38 countries in the American, Middle East and South East Asian Markets.

Shares of the company today fell by 1.23 per cent to settle at Rs 88.65 a piece from its previous close on the Bombay Stock Exchange.