Small cap FMCG stock declares record date for 1:1 rights issue

Market


With a market valuation of 1,671.72 Cr, Heritage Foods Limited is a small-cap company that operates in the Fast Moving Consumer Goods (FMCG) industry. Heritage is a reputable manufacturer of milk and dairy products. Heritage’s milk and milk-related products are currently available in the following states: Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharastra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand, and Uttar Pradesh.

The company has said today in a stock exchange filing that “In furtherance to our letter dated 30th September, 2022 wherein the Board of Directors of the Company had considered and approved the issue of equity shares in the ratio of 1:1 by way of Rights Issue basis at the face value of Rs.5/- each per equity shares to the existing shareholders of the Company as on the record date and pursuant to regulation 30 and 42 of the SEBI (Listing obligations and Disclosure Requirements), Regulations 2015 as amended from time to time we would like to inform you that the Board of Directors of the Company at their meeting held on today i.e. January 13, 2023 inter-alia considered and approved the following:

a) Record Date: Friday, 20th January, 2023

b) Rights Issue period : (i) Rights Issue opening Date : Monday, 30th January, 2023 (ii) Last Date for On-Market Renunciation of Rights Entitlements : Wednesday, 8th February, 2023 (iii) Rights Issue Closing Date: Monday, 13th February, 2023

c) Outstanding equity shares: a. Prior to the issue: 4,63,98,000 b. Post rights issue: 9,27,96,000 Assuming full subscription

d) Rights Entitlement Ratio: 1:1 (Fully paid up Rights Equity Share for every 1 fully paid up Equity Share held by equity shareholders of the Company, as on the record date).

The shares of Heritage Foods closed today on the NSE at 358.85 apiece level, down by 0.04% from the previous close of 359.00. The stock recorded a total volume of 117,664 shares compared to the 20-Day average volume of 150,798 shares. The stock touched a 52-week-high of 451.95 on (14-Jan-2022) and a 52-week-low of 250.00 on (20-Jun-2022). The Board of Directors of the Company is scheduled to be held on Friday, 20th January, 2023, to consider and approve the unaudited financial results for the quarter/nine months ended 31st December, 2022.


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