Hatsun Agro Product rises as board approves Rs 900-crore rights issue

NEW DELHI: Shares of Hatsun Agro Product ended higher on Thursday after the company approved a fund-raising plan via issue of securities to the existing equity shareholders on a rights basis, aggregating up to Rs 900 crore.

Following the development, the stock closed 0.33 per cent higher at Rs 876 on BSE.

The company has constituted a rights issue committee and authorised it to decide the terms and conditions of the rights issue including the nature of security, issue size, issue price, timing of the issue, rights entitlement ratio, record date and all other matters related and incidental to the rights issue in consultation with the lead manager to the rights issue.

The company had on Tuesday told stock exchanges that it has settled its income tax liability.

In a filing to BSE, the company said, the net tax liability as per the orders after adjusting refunds works out to Rs 2.07 crore.