PNN
Thane (Maharashtra) [India], October 18: The Rs. 24.81 crore Rights Issue of Healthy Life Agritec Limited (BSE: 543546), a fast-growing food and agribusiness enterprise, has opened. The issue is aimed at strengthening the company's balance sheet and supporting its next phase of growth.
The Rights Issue opened on October 7 and closes on October 31. Healthy Life Agritec is offering 2,48,12,000 fully paid-up equity shares at Rs. 10 per share, giving existing shareholders an opportunity to enhance their participation in the company's long-term growth journey. Notably, the shares closed 5% higher at Rs. 17.09 on Friday, significantly higher than the issue price.
The funds raised through the Rights Issue will be utilised for repayment or prepayment of existing borrowings, working capital requirements, and general corporate purposes, and reflects the company's prudent financial management and sustainable expansion.
The Rights Issue has already been subscribed 0.06 times as on October 17 with bids received for 14,40,000 shares. Over the past year, the company's stock has traded between Rs. 13.91 and Rs. 61.17.
Healthy Life Agritec is engaged in the trading and marketing of raw milk, dairy products, bakery items, sauces, dressings, and juices, catering to markets in Maharashtra and Karnataka under brands like Healthy Life and Magic Flavours. The Rights Issue is an important step in positioning Healthy Life Agritec for long-term value creation in India's rapidly evolving food ecosystem.
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