Small-Cap Dairy Stock Spikes 10% on Rights Issue Approval: Record Date & More

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Small-Cap Dairy Stock Spikes 10% on Rights Issue Approval: Record Date & More
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the leading private sector dairy company Heritage Foods (NS: HEFI ) soared over 16% on Friday, ending the session 9.24% higher at Rs 340 apiece.

The stock rallied after the small-cap company’s board approved fundraising through a rights issue in a 1:1 ratio at a meeting held on Sept 30.

The company said in an exchange filing that its Board of Directors approved the issuance of equity shares through the Rights Issue basis in the ratio of 1:1 at a face value of Rs 5 apiece to existing shareholders, for each share held on the record date.

It also informed the bourses that the record date for this shall be notified later and the promoter and promoter group of the company could subscribe to all the unsubscribed shares in the said issue.

Heritage Foods will issue a total of 4,63,98,000 equity shares at an issue size of Rs 23.2 crore and after the rights issue, its outstanding share capital will shoot up to 9,27,96,000 equity shares.

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