Dairy product maker Hatsun Agro Product Ltd; plans to raise ₹700 crore through private placement of equity-shares by way of qualified-institutional-placement for its expansion-plans.
On Wednesday, the board also approved a proposal for increasing the company’s borrowing limit from ₹1,500 crore to ₹1,800 crore; it said in a regulatory filing.
Hatsun is in the process of increasing the capacity of its milk and milk-products-plant in Solapur by 50,000 lpd. It will be done to produce lassi and butter milk and is likely to be completed by end of September.
Further, it plans to set up a curd processing plant with a capacity of 1 lakh litre a day in Dharapuram, Tamil Nadu which would be ready by March 2022.
Similarly, the ice-cream plant in Telangana with a capacity of one lakh kg per day will be ready by November at an investment of ₹311 crore. HAPL is also scouting for land in northern part of Andhra Pradesh to set up a dairy.
Also read : Hatsun to set up an Ice cream Plant in Telangana
HAPL, meanwhile, reported an almost 4% growth in its net profit to ₹58.32 crore for the first quarter ended June. Revenue from operations rose 21% to ₹1,545 crore. The board declared an interim dividend of ₹6 per share for FY22.
Source : The Hindu, July 14th 2021