Indian stock market: Multibagger chemical stock declares ₹290 crore fundraise via issuance of fresh warrants, equities

Indian stock market: Fineotex Chemical shares are one of the multibagger stocks that the Indian stock market has delivered in recent years. This chemical stock has risen from around ₹36 apiece to ₹442 per share level, logging over 1100 percent rise in this time. However, the multibagger stock still possesses some upside potential During Friday deals, the multibagger stock climbed to a new lifetime height of ₹449.95 apiece on NSE.

The multibagger chemical stock witnessed a sharp upside after the outbreak of stock market news that the company has decided to go for fundraising via the issuance of warrants and equities on a preferential basis. The chemical company informed Indian stock market bourses that the board of directors of the company has considered and approved fundraising to the tune of ₹145 crore via issuance of fresh warrants and ₹145 crore fundraising via issuance of fresh equities on a preferential basis. The company board approved the issuance of 42,00,600 warrants at ₹346 apiece whereas it approved the issuance of 39,02,000 equity shares for ₹346 apiece.

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Fineotex Chemical warrants details

In its exchange filing on Friday, Fineotex Chemical Ltd said, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) 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, interalia considered and approved raising of funds through issue and allotment of up to 42,00,600 (Forty-Two Lakhs and Six Hundred) Share Warrants, each Warrant convertible into 1 (one) Equity Share of the 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 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 aggregating up to maximum amount of Rs. 1,45,34,07,600/- (Rupees One Hundred and Forty-Five Crore Thirty Four Lakhs Seven Thousand Six Hundred Only), subject to the approval of regulatory/ statutory authorities and the Members of the Company at ensuing Extra Ordinary General Meeting.”

Fineotex Chemical preferential issue details

Fineotex Chemical went on to add, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) 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, interalia considered and approved raising of funds through issue and allotment of up to 39,02,000 (Thirty-Nine Lakhs Two Thousand) Equity Shares of the Face 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) Regulations, 2018, as amended (“ICDR Regulations”) at Issue Price of Rs. 346/- (Three Hundred and Forty-Six Only) including premium of Rs. 344/- (Rupees 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 aggregating up to maximum amount of Rs. 1,35,00,92,000/- (Rupees One Hundred and Thirty-Five Crores Ninety Two Thousand Only), subject to the approval of regulatory/ statutory authorities and the Members of the Company at ensuing Extra Ordinary General Meeting.”

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