Hindustan Foods hits 5% lower circuit

India Infoline News Service | Mumbai | September 19, 201612:43 IST

The scrip opened at Rs. 106.4 and has touched a high and low of Rs. 106.4 and Rs. 106.4 respectively.

Hindustan Foods Ltd is currently trading at Rs. 106.4, down by Rs. 5.6 or 5% from its previous closing of Rs. 112 on the BSE.

The Board of Directors of the Company held on September 19, 2016, the board has considered and approved the following, subject to the approval of the Shareholders of the Company:

1.Issue and allot upto 80,00,000 equity shares of Rs.10 each at a price being not lower than the minimum price calculated in accordance with Regulation 76 of SEBI (ICDR) Regulations, 2009, on preferential basis, to the allottees belonging to the Promoter / Promoter Group and public Category, in accordance with Chapter Vll of the SEBI (ICDR) Regulations, 2009; provisions of Section 42,62 and such other applicable provisions of Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 and Rule 13 of the Companies (Share Capitaland Debentures) Rules, 2014.
2. Increase in authorized share capital from Rs.7 crores to Rs.15 crores, and consequent amendments to the Memorandum & Articles of Association of the Company.
3. Alteration of the main object clause of the Company and consequent amendment to Memorandum of Association of the Company.
4. Alteration and amendment to the Articles of Association of the Company, to facilitate appointment of Nominee Director(s).
5.Increase in borrowing powers upto Rs.100 crores, and other related matters, including
mortgage or creation of a charge on assets of the Company.
6.Undertake the process of postal ballot for seeking approval of the Shareholders in respect of the matters mentioned above.

The scrip opened at Rs. 106.4 and has touched a high and low of Rs. 106.4 and Rs. 106.4 respectively. So far 50 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 56 crore.

The BSE group 'XT' stock of face value Rs. 10 has touched a 52 week high of Rs. 135 on 19-May-2016 and a 52 week low of Rs. 66.25 on 07-Oct-2015. Last one week high and low of the scrip stood at Rs. 112.75 and Rs. 101.8 respectively.

The promoters holding in the company stood at 74.45 % while Institutions and Non-Institutions held 0.14 % and 25.41 % respectively.

The stock is currently trading below its 50 DMA.


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