Heritage Foods rallies ~9% as board approves 1:1 bonus issue

30 Sep 2022 , 02:36 PM

Heritage Foods’ counter gained as much as 9% so far in today’s trade as the company announced that its board has approved the raising of funds on a rights issue basis.

The firm stated that it will issue equity shares in a 1:1 ratio through a rights issue at a face value of Rs5 per equity share to the company’s existing shareholders as of the record date.

The record date for the same will be announced later, the business said in an exchange filing. The company’s promoter and promoter group may subscribe to all unsubscribed shares in the issuance, it added.

The business plans to issue 4,63,98,000 equity shares with a face value of Rs5 apiece, totalling about Rs23.2 crore.

For each fully paid-up equity share held by an eligible shareholder as of the record date, one new fully paid-up equity share will be issued.

At around 2.39 PM, Heritage Foods was trading at Rs337.20 up by 8.41% from its previous closing of Rs311.05 on the BSE. The scrip touched intraday high and low of Rs371.45 and Rs312.45 respectively.

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