The Board of Hatsun Agro Product Ltd on Monday approved a proposal to raise up to ₹700 crore through private placement of equity shares by way of qualified institutional placement (QIP). The board has also approved investing in to the paid-up equity share capital of Huoban Energy 4 Private Ltd due to novation of the agreement already entered into. Accordingly, it will invest a maximum of 20 per cent of the paid-up capital of Huoban Energy for the purpose of consuming solar energy captively for its Maharashtra plant.
Shares of Hatsun Agro closed 5.44 per cent lower at ₹1,060.40 on the BSE.