Dairy firm Hatsun Agro Products has sought shareholders’ approval to raise up to Rs 500 crore through private placement of securities to institutional investors.
The shareholders’ nod has been sought through postal ballot, according to a regulatory filing. In a postal ballot notice, the company has sought shareholders’ nod for “raising of funds up to Rs500 crore by issue of securities to qualified institutional buyers through qualified institutional placement”.
The company said it needs capital for business growth. “While it is expected that the internal generation of funds would partially finance the need for capital, the raising of funds through QIP route would be another source of funds to raise a part of the funding requirements for the said purposes as well as for such other corporate purposes…,” Hatsun Agro said.
Source: Mint