The board of dairy firm Hatsun Agro Product on Monday approved the issue of bonus shares in the ratio of 1:3.
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The board has recommended issuance of one equity share of Rs 1 each fully paid up for every three existing equity shares held by the shareholders as on record date December 3, 2020, subject to shareholders’ approval, Hatsun Agro said in a statement to the exchanges.

The pre-bonus issue paid-up capital as on date stands at Rs 16,16,72,492, and the post-bonus paid-up capital shall be Rs 21,55,63,323, the company added. Hatsun Agro, in its board meeting, also approved a proposal for raising funds through private placement of equity shares by way of Qualified Institutional Placement (QIP). The board will seek approval to raise funds not exceeding Rs 900 crore through a postal ballot, the company said. Hatsun Agro reported a net profit of Rs 66 crore for the quarter ended September as against Rs 25 crore profits it posted in the same quarter a year ago.

The company manufactures and deals in dairy products such as milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, paneer and others. Shares of Hatsun Agro closed the trading day at Rs 850.3 up over 9% on the BSE.

Dairy farmers hit a new high for milk production last season, despite the national herd continuing to shrink.

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