Shares of the dairy company Heritage Foods surged on September 30 after the company said its board had approved a 1:1 rights issue.

The board has approved a 1:1 rights issue of Rs 5 per share to existing company shareholders on the record date. Heritage Foods will issue 4,63,98,000 shares of Rs 5 par value at Rs 5 each at a price of Rs 23,19,90,000.

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The company said promoters and promoter groups could subscribe to all unsubscribed shares in the offering. The stock rose 12% to Rs 347 in BSE trading.