Fineotex Chemical Raises Rs 342.55 cr Through Share Issue
Jul 22, 2024 12:40
Fineotex Chemical Ltd raised Rs 342.55 crore through the issuance of equity shares and warrants on a preferential basis. The company will use the funds for organic and inorganic growth.
Photograph: Lisi Niesner/Reuters
Mumbai, Jul 22 (PTI) Fineotex Chemical Ltd, which manufactures speciality chemicals, on Monday said it has raised Rs 342.55 crore through the issue of equity shares and warrants on a preferential basis.
In a regulatory filing, the company announced the closure of "fund raising of Rs 342.55 crore through a preferential allotment of equity shares and convertible warrants".
"This preferential allotment aligns with the initial tranche of our fund raised on May 22, 2024, amounting to Rs 124.4 crore. The cumulative funds raised from both tranches now total Rs 342.6 crore," Sanjay Tibrewala, CFO and Executive Director at Fineotex Chemical, said.
"The capital raised will be invested strategically to support both organic and inorganic growth opportunities, reinforcing our commitment to enhancing shareholder value and advancing operational excellence," he said.
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