on May 25, 2023 amounting to ₹ 231.99 Millions. The dividend payout is subject to approval of members at the ensuing Annual General Meeting. The Register of Members and Share Transfer Books will remain closed from Wednesday, August 16, 2023 to Tuesday, August 22, 2023 (both days inclusive) for the purpose of payment of dividend for the financial year ended March 31, 2023. The Annual General Meeting is scheduled to be held on Tuesday, August 22, 2023. Dividend Distribution Policy In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Company has formulated and adopted a Dividend Distribution Policy with the objective of providing clarity to its stakeholders on the profit distribution strategies of the Company. During the year, the said Policy has been reviewed by the Board of Directors of the Company. The policy hosted on the website of the Company at https://www. heritagefoods.in/policy. Share Capital The Authorised Share Capital of the Company as on March 31, 2023 was ₹ 500,000,000/- divided into 9,60,00,000 equity shares of ₹ 5/- each and 20,00,000 preference shares of ₹ 10/- each. The paid up Equity Share Capital as on March 31, 2023 stood at ₹ 46,39,80,000/- divided into 9,27,96,000 equity shares face value of ₹ 5/- each. During the year under review, the Company has not issued any shares with differential voting rights, not granted any stock options and not issued any sweat equity share to its employee(s)/director(s), however the Company has issued Rights shares the details of which is mentioned below. As on March 31, 2023, none of the Directors of the Company holds any instruments convertible into equity shares of the Company. The Company has not issued equity shares with differential rights as to dividend, voting or otherwise as on March 31, 2023. Rights Issue During the year, the Board of Directors approved raising funds for the Company by way of issue of securities (the “Issue”) to the existing equity shareholders of the Company on a rights basis aggregating up to ₹23,19,90,000. On 30th September 2022, the Board of Directors of your Company approved to Issue 1 (One) fully paid-up equity shares for every 1 (One) fully paid-up Equity Shares aggregating to 4,63,98,000 fully paid up equity shares of face value of ₹5 each for cash at a price of ₹5 per equity share (“Right Issue Price”) for an amount aggregating to ₹ 23,19,90,000 on a rights basis to the Eligible Equity Shareholders of the Company as on the record date i.e. January 20, 2023, to meet working capital requirements and for general corporate purposes. The Company has appointed Chartered Finance Management Private Limited (Formerly known as Chartered Finance Management Limited) as the Lead Manager(s) ("LM") and KFin Technologies Limited as Registrar to the Issue (“Registrar” or “Registrar to the Issue”) and ICICI Bank Limited, Mumbai was the Banker to the Issue. Subsequently the Board of Directors at their Meeting held on 13th January, 2023 approved the issue period i.e. from January 30, 2023 to February 13, 2023 and the last date for On Market trading of Rights Entitlements was February 08 2023, and the basis of allotment was approved on February 17, 2023 in consultation with BSE Limited, the designated Stock Exchange and M/s. KFin Technologies Limited. The Board of Directors at their meeting held on February 21st, 2023 allotted 4,63,98,000 fully paid up equity shares to the Shareholders of the Company as on the record date fixed for the purpose of Rights Issue and further obtained the listing approvals from BSE Limited and National Stock Exchange of India Limited on February 21, 2023 and February 22, 2023 respectively and received the trading approvals from BSE Limited and National Stock Exchange of India Limited on February 24, 2023. The proceeds from the Rights Issue were utilized towards issue expenses and working capital requirements. The object of the Issue was fulfilled as mentioned in the Letter of Offer submitted with BSE Limited and National Stock Exchange of India Limited. Utilization of Funds raised through Rights Issue During the year under review the company has utilised the full amount of ` 23,19,90,000 raised through rights Issue for the following purposes. 1. Meeting Working Capital requirement of the Company 2. General Corporate purposes; and 3. Issue related expenses. Demat suspense account/unclaimed suspense account During the year under review the Company has issued and made allotment of 4,63,98,000 equity shares of face value of ` 5 each (Issue Shares) for cash at a price of ` 5 per Equity Share (Right Issue Price), aggregating up to ` 23,19,90,000/- to the Eligible Equity Shareholders of the Company on rights basis (Rights Equity Shares) in the ratio of 1 (one) Rights Equity Share for every 1 (one) fully paid-up Equity Share (` 5/- face value) held by the Eligible Equity Shareholders on the record date. The Company has opened demat account in the name of HERITAGE FOODS LIMITED for Rights Shares Unclaimed Suspense Account maintained with Stock Holding Corporation Of India Limited, Reg. Office: 301, Centre Point, Dr. Babasaheb Ambedkar Road, Parel , Mumbai – 400012, Maharashtra, India vide DPID IN301330 and client ID 41280635. Out of the total number of eligible shareholders, 334 numbers of shareholders who applied in the rights issue did not get the credit of shares due to their incorrect details provided in the rights issue application all those shares were transferred to Heritage Foods Limited - Rights Shares unclaimed suspense account. In accordance with the requirement of Clause F of Schedule V of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Company reports the following details in respect of equity shares lying in the suspense account: Heritage Foods Limited | 31st Annual report 2022-23 68
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