Hatsun Agro Approves Plan To Raise Rs 700 Crore; Stock Falls Most In Three Months
Shares of Hatsun Agro Products Ltd. fell the most in over three months.
The maker of Arun ice creams approved a proposal to raise Rs 700 crore through private placement of equity shares by way of QIP, according to an exchange filing on Monday.
The board also gave its nod to invest in buying paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. The investment is done for the purpose of consuming solar energy captively for the company's plant in Maharashtra.
The stock fell as much as 6.9% during the session, before closing with 5.56% losses. Its trading volume was 1.6 times the 30-day average, when markets closed.
The dairy products' maker will hold its 37th annual general meeting on Sept. 20.
The stock has underperformed the benchmarks in 2022 so far, down 15.5% compared to 2% gains for the Sensex.
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