The company added that it will utilise the proceeds for repaying term loans.

Heritage Foods is one of the largest private sector dairy enterprises in Southern India.

The company's consolidated net profit dropped 81.2% to Rs 2.68 crore on a 10.2% fall in net profit to Rs 610.03 crore in Q2 FY21 over Q2 FY20.

On a year-to-date (YTD) basis, the stock has lost 11.39% while the benchmark Sensex has risen 11.27% during the same period.