Friday, November 16, 2007

Heritage Foods plans to raise Rs.100 crore for it's expansion

Milk and milk products company Heritage Foods (India) Ltd (HFIL), which entered the organized or formal retail business with its Fresh@ brand last year, plans to raise $25 million (about Rs100 crore) to part-finance its expansion.

HFIL, which ended 2006-07 with revenues of Rs348 crore, has been promoted by family members of former Andhra Pradesh chief minister Nara Chandrababu Naidu. The company plans to raise the money by placing equity with qualified institutional buyers (QIBs) shortly. The company also plans to offer equity to its promoters through a preferential allotment to raise more than Rs.20 crore.





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