Dairy product maker Hatsun Agro Product Ltd., plans to raise ₹700 crore through private placement of equity shares by way of qualified institutional placement for its expansion plans.
On Wednesday, the board also approved a proposal for increasing the company’s borrowing limit from ₹1,500 crore to ₹1,800 crore, it said in a regulatory filing.
Hatsun is in the process of increasing the capacity of its milk and milk-products plant in Solapur by 50,000 litres per day to produce lassi and butter milk and this expansion is likely to be completed by end of September.
Further, it plans to set up a curd processing plant with a capacity of 1 lakh litre a day in Dharapuram, Tamil Nadu which would be ready by March 2022.
Similarly, the ice-cream plant in Telangana with a capacity of one lakh kg per daywill be ready by November at an investment of ₹311 crore. HAPL is also scouting for land in northern part of Andhra Pradesh to set up a dairy.
HAPL, meanwhile, reported an almost 4% growth in its net profit to ₹58.32 crore for the first quarter ended June. Revenue from operations rose 21% to ₹1,545 crore. The board declared an interim dividend of ₹6 per share for FY22.
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