Heritage Foods to raise Rs 35cr from Kotak

The board of directors of Hyderabad-based Heritage Foods India, which met today, approved a proposal to issue 10 lakh equity shares of Rs 10 each for cash at a premium of Rs 340 per share to Kotak India Focus Fund of the Kotak Mahindra Group on preferential basis.

The meeting also approved a proposal to issue eigh lakh warrants, which are convertible into equity shares of Rs 10 each, to N Lokesh, a promoter of the company, at Rs 315 per warrant.

The company would be holding an extraordinary general meeting on January 29 to clear the proposals.