Ashish Kacholia Backed Dividend Paying Stock Okays Fundraising Proposal; Do You Own?

Fineotex Chemical Limited, an investor of the stock market veteran Ashish Kacholia, has informed the stock market that the company's Board of Directors met on Saturday, June 1, in which the proposal to raise funds has been approved.

The company is planning to raise funds by issuing 28.5 lakh equity shares to non-promoter investors on a preferential basis. The company is going to raise Rs 109.05 crore by issuing 28.5 lakh shares with a face value of ₹ 2 at a price of Rs 387.40 per share on a preferential basis to non-promoter investors. Fineotex Chemical has said that for this fund raising plan, the company is going to call an Extra Ordinary General Meeting on June 27.

Fineotex Chemical Limited, invested by stock market veteran investor Ashish Kacholia, is a small cap company with a market cap of Rs 3910 crore.

The shares of Fineotex Chemical have given a bumper return of 2200 percent to investors from the low level of Rs. 15 on 27 March 2020. The 52-week high of Fineotex Chemical shares is Rs 458.5 while the 52-week low is Rs 266. On Friday, the shares of Fineotex Chemical Limited were registering slight weakness and were trading at a price of Rs 353.

The shares of Fineotex Chemical have been weak for the last few days but in the last 1 year it has given a return of 13 percent to the investors while in the last 5 years it has given a return of 835 percent.

Recently, Fineotex Chemical reported standalone quarterly numbers for are net sales at Rs 118.47 crore in March 2024 up 29.47% from Rs. 91.50 crore in March 2023. Quarterly Net Profit at Rs. 32.89 crore in March 2024 up 119.23% from Rs. 15.00 crore in March 2023. EBITDA stands at Rs. 42.24 crore in March 2024 up 100.76% from Rs. 21.04 crore in March 2023. Fineotex Chem EPS has increased to Rs. 2.97 in March 2024 from Rs. 1.35 in March 2023.

Fineotex Chemical Dividend History, cccording to BSE website, Fineotex Chemical had in February 2024 paid a dividend of 60 per cent or Rs 1.20 on each stock of Rs 2 face vale to its investors. In 2023, the company had paid Rs 0.80 as dividend on each stock. Back in 2022 and 2021, the firm had rewarded its investors by paying a dividend of Rs 0.40 and Rs 0.30, respectively, on each stock.

Fineotex Chemical is a maker of specialised chemicals for a variety of industries, including adhesives, paint, agrochemicals, textiles, home care, hygiene, mining, apparel, and water treatment. One of the top producers of over 450 speciality chemicals and enzymes is Fineotex Chemical Limited. Its cutting-edge production facilities, which are located in Selangor, Malaysia, and Navi Mumbai, India, are in force for the whole spectrum of products.