Heritage Foods shares: Vijay Kedia raises stake in dairy player after 8 quarters

Seasoned investor Vijay Kedia's arm has increased his stake in a dairy products company in the March 2023 quarter, after keeping his stake unchanged for the previous eight quarters. Kedia has increased his stake in Heritage Foods, which has remained an underperformer in the last one year.

According to the latest shareholding pattern filed by the company, Vijay Kedia's investment arm Kedia Securities owned 11,13,433 equity shares, or 1.20 per cent stake, in the company as of March 31, 20223. His holding in the company is about Rs 18.3 crore at present.
 

Kedia Securities owned 525,000 equity shares, or 1.13 per cent stake, in the company as of the quarter that ended on December 31, 2022. His holding in the company was adjusted accordingly after the rights in January were completed.

Heritage Foods proposed a rights issue of 4.64 crore equity shares at a price of Rs 5 per rights equity share for an amount aggregating to Rs 23.2 crore. The company in September 2022 had approved the issue of equity shares in the ratio of 1:1 through a rights issue.

Shares of Heritage Foods have rallied more than 15 per cent in the last one month, whereas the counter is marginally up in the last six months. On a year-to-date basis, it has dropped 10 per cent.

Incorporated in 1992 by Nara Chandrababu Naidu, Heritage Foods is one of the fastest growing and largest private sector dairy enterprises in Southern India with two business divisions - Dairy and Renewable Energy. Heritage's dairy range of products among others includes milk, curd, ice cream, buttermilk, flavored milk, dairy whitener, skim milk powder.

Heritage Food’s products have a market presence in Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Maharashtra, Delhi, Rajasthan and Punjab. It has retail stores across Bengaluru, Chennai, Hyderabad and Visakhapatnam. Integrated agri operations are in Chittoor and Medak Districts and these are the backbones of retail operations.

As per the latest corporate shareholdings filed, Vijay Kishanlal Kedia publicly holds 15 stocks with a net worth of over Rs 699.8 crore, according to the data from Trendlyne.

Also read: Tata Motors, Maruti Suzuki, TVS Motor: Why Jefferies sees up to 40% upside in auto stocks 

Also read: TCS Q4 results: Deal wins, commentary on BFSI, client spends, other things to watch on Wednesday