Fineotex Chemical reports Rs 290 fundraising through issue | View the details here
The company's board approved the issue of 42,00,600 warrants at ₹346 each, while it approved the issue of 39,02,000 equity shares at ₹346 each.
Share market news: The Fineotex Chemical shares have risen from around Rs 36 per piece to Rs 442 per share level, registering an increase of over 1100 percent in the last one year. The company's shares are among the multibagger stocks that the Indian stock market has produced in the period. However, it's important to note that the multibagger stock still possesses some upside potential. In Friday deals, the multibagger stock on NSE climbed to a new lifetime high of ₹449.95 per piece.
After the company decided to raise funds through the issuance of warrants and shares on a preferential basis, multibagger's chemical stock experienced a massive upward surge. The chemical company informed the Indian stock exchanges that the company's board of directors has considered and approved a fundraise of an amount of ₹145 crore through the issuance of new warrants and ₹145 crore fundraise through the issuance of new shares on a preferential basis.
The company's board approved the issue of 42,00,600 warrants at ₹346 each, while it approved the issue of 39,02,000 equity shares at ₹346 each.
Fineotex Chemical guarantees details
In its stock exchange filing on Friday, Fineotex Chemical Ltd said: “In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Regulations) Regulations, 2015, as amended (“SEBI LODR Regulations”), we hereby inform you that the Board of Directors of Fineotex Chemical Limited (“the Company”) at their meeting held today i.e. Friday, February 16, 2024, inter alia considered and approved to raise funds by way of issue and allotment of up to 42,00,600 (Forty Two Lakhs and Six Hundred) Share Warrants , each warrant is convertible into 1 (one) equity share of face value of Rs. 2/- (Rupees Two only) to certain promoter and non-promoter investors (as per “Annexure A”) on preferential basis in terms of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“ICDR Regulations”) at an issue price of Rs. 346/- (three hundred and forty six only) including premium of Rs. 344/- (Rupees three hundred and forty-four only) per warrant (being the price not less than the minimum price determined with reference to the relevant date in accordance with Regulation 164 of the ICDR Regulations, up to an aggregate amount not exceeding Rs. 1 , 45,34,07,600/- (one hundred and forty five crore thirty four Lakhs seven thousand six hundred only), subject to approval by regulatory/statutory authorities and the members of the company at the subsequent extraordinary general meeting.”
Fineotex Chemical Preferential Issue Details
Fineotex Chemical added: “In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Regulations) Regulations, 2015, as amended (“SEBI LODR Regulations”), we hereby inform you that the Board of Directors of Fineotex Chemical Limited ( “the Company”) at their meeting held today i.e. Friday, February 16, 2024, inter alia, raising funds by way of issue and allotment of up to 39,02,000 (thirty-nine lakhs two thousand) shares of the Face contemplated and approved Value of Rs. 2/- (Rupees Two only) each to certain non-promoter investors (as per “Annexure C”) on preferential basis in terms of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), 2018 , as amended ( “ICDR Regulations”) at an issue price of Rs. 346/- (three hundred and forty six only) including premium of Rs. 344/- (Rs. Three hundred and forty-four only) per share (being the price not less than the minimum price determined with reference to the relevant date in accordance with Regulation 164 of the ICDR Regulations, up to an aggregate amount not exceeding Rs. 1 35.00 .92,000/- (One hundred and thirty-five crores ninety-two thousand rupees only), subject to approval by regulatory/statutory authorities and the members of the company at the subsequent extraordinary general meeting.”