Hatsun Agro Product Ltd approves fund raising proposal through QIP

The Board of Directors of Hatsun Agro Product Ltd at their meeting held today, i.e. 27th April, 2017, has approved the decisions with respect to Raising of Funds, subject to the approval of the Shareholders.

The Board of Directors has approved raising of funds by issue of equity shares through Qualified Institutions Placement (QIP) for an aggregate sum not exceeding Rs.500 Crore approximately, in accordance with the provisions of Chapter VIII of the Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements) Regulations, 2009 in one or more tranches on such terms and conditions as may be decided by the Capital Raising Committee of the Board of Directors.

The Board of Directors has formed a separate committee known as Capital Raising Committee to deal with all matters in relation to Fund Raising activity through Qualified Institutions Placement (QIP).

The Board of Directors has decided to seek the approval of Shareholders through Postal Ballot for raising of funds through Qualified Institutional Placement (QIP).

The Board has appointed Mr.S.Dhanapal, Senior Partner of M/s. S.Dhanapal & Associates, Practicing Company Secretaries, Chennai as Scrutinizer for the conduct of the Postal Ballot voting process in a fair and transparent manner. The Board has also authorized Mr.S.Narayan, Company Secretary to take all necessary steps in relation to the Postal Ballot.

Shares of HATSUN AGRO PRODUCT LTD. was last trading in BSE at Rs.618.55 as compared to the previous close of Rs. 625.75. The total number of shares traded during the day was 7541 in over 448 trades.

The stock hit an intraday high of Rs. 641 and intraday low of 611. The net turnover during the day was Rs. 4720488.

Source : Equity Bulls

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