Industry

Hatsun gets nod for 1:3 bonus shares

Dairy products maker Hatsun Agro Product Ltd. has approved the issue of bonus shares in the ratio of one new equity share for every three shares held by shareholders. The record date is December 3, 2020, subject to necessary approvals.

The board also approved a proposal for raising funds through private placement of equity shares by way of Qualified Institutional Placement, it said in a regulatory filing.

On Monday, the Hatsun Agro board announced top level changes, with the current managing director R.G. Chandramogan appointed as chairman (non-executive director), following the relinquishment of the post by K.S. Thanarajan, who was redesignated as non-executive, non-independent director. Executive director C. Sathyan was elevated as managing director.

The company announced its results for the quarter ended September, reporting a 161% rise in standalone net profit to ₹66 crore. Total income rose to ₹1,329 crore from ₹1,280 crore.

For the current fiscal, Hatsun has decided to invest ₹245 crore in setting up an ice cream plant in Telangana. Construction activities are on and the plant is expected to be on stream during the fourth quarter of FY21.

The company said it aimed to complete the installation of a milk products manufacturing facility in Dharapuram, Tamil Nadu, in December and a milk processing unit with a capacity of 1.5 LLPD by March.

Full-fledged commercial production of milk and milk products at its plant in Solapur, with a capacity of 4 LLPD, is expected to be ready by November, it said.

Hatsun Agro Product is primarily engaged in the business of manufacture and marketing of ice cream and milk- and dairy-based products, sold under the brands Arun ice cream, Arokya Milk, Hatsun curd, Hatsun paneer, Hatsun vgee and Hatsun dairy whitener.

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Printable version | Dec 4, 2020 12:30:46 PM | https://www.thehindu.com/business/Industry/hatsun-gets-nod-for-13-bonus-shares/article32895778.ece

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