Fineotex Chemical moves up on raising funds of Rs 342.55 crore through Preferential Allotment
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Fineotex Chemical is currently trading at Rs. 364.00, up by 2.70 points or 0.75% from its previous closing of Rs. 361.30 on the BSE.
The scrip opened at Rs. 362.90 and has touched a high and low of Rs. 364.00 and Rs. 356.45 respectively. So far 7574 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 458.00 on 19-Feb-2024 and a 52 week low of Rs. 266.05 on 21-Jul-2023.
Last one week high and low of the scrip stood at Rs. 379.00 and Rs. 356.45 respectively. The current market cap of the company is Rs. 4036.99 crore.
The promoters holding in the company stood at 65.03%, while Institutions and Non-Institutions held 5.15% and 29.82% respectively.
Fineotex Chemical has successfully raised funds worth Rs 342.55 crore through a preferential allotment of equity shares and convertible warrants. The fund-raising was executed in two distinct phases. In a Phase I, the company allotted 970,000 equity shares at an issue price of Rs 346 per share, aggregating to Rs 33.56 crore and 2,626,600 convertible warrants at a price of Rs 346 per warrant, aggregating to Rs 90.88 crore. The company has received an upfront payment of Rs 22.72 crore, representing 25% of the total warrant issue size. Each warrant is convertible into one fully paid-up equity share upon the receipt of payment of Rs 259.50 per warrant (Remaining 75% of the issue price) within 18 months from 22 May 2024.
In a Phase II, the company allotted 2,815,049 equity shares at an issue price of Rs 387.40 per share, aggregating to Rs 109.05 crore and 2,815,049 convertible warrants at the same price, aggregating to Rs 109.05 crore. The company has received an upfront payment of Rs 27.26 crore, representing 25% of the total warrant issue size. Each warrant is convertible into one fully paid-up equity share upon the receipt of payment of Rs 290.55 per warrant (Remaining 75% of the issue price) within 18 months from July 19, 2024.
Fineotex Chemical manufactures specialty chemicals consumed by textile and garment industry, leather, construction, adhesives paper, water treatment, agrochemicals, paint and other industries.
