Heritage Foods share price jumps around 14% as company announces Rights Issue: Check record, date, other details

Heritage Foods share: This small-cap dairy product company – Heritage Foods share price jumped nearly 14 per cent to Rs 353.9 and Rs 354 per share on the BSE and NSE intraday, respectively, during Friday’s trading session as the company announced 1:1 Rights Issue through a regulatory filing. 

According to the exchange filing of Heritage Foods, “The Board of Directors of the Company at the meeting held on today, September 30, 2022, approved to issue equity shares in the ratio of 1:1 by way of Rights Issue basis at the face value of Rs.5/- each per shares to the existing shareholders.” 

The company in its filing said that ‘the record date is to be notified later’. 

“Further the Board has constituted and authorized ‘Rights Issue Committee’ to decide detailed terms and conditions of the Issue, including but not limiting to deciding the payment modalities/schedule thereof, record date, timings, other terms and conditions and all other related matters,” it added. 

At around 12:50 PM, the stock was trading over 10 per cent higher to Rs 342.8 per share on the BSE as against 1.65 per cent rise in the S&P BSE Sensex. The stock last year on October 28 had hit its 52-week high of Rs 565 per share, while it touched Rs 250.25 as 52-week low on June 20, 2022. 

The counter has been an underperformer as it reported negative growth of 25 per cent in the last one year as compared to a nearly 3 per cent fall in the S&P BSE Sensex and around a 1 per cent gain in S&P BSE Small-cap index during the same period. 

Heritage Foods is one of the well-known leading milk and dairy products manufacturers such as Curd, Paneer, Ghee, Butter, Cheese, Fresh Cream and Ice Cream Manufacturers.