Specialty Chemical Stock Okays Major Update Ahead of Upcoming Dividend Due On 26th Feb

Chemical company, Fineotex Chemical had decided to go for fundraising via the issuance of warrants and equities on a preferential basis, The company informed Indian stock market bourses that the board of directors of the company has considered and approved fundraising to the tune of Rs. 145 crore via issuance of fresh warrants and Rs. 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.

In its exchange filing on Friday, Fineotex Chemical Ltd informed that the Board of Directors of Fineotex Chemical Limited interalia considered and approved raising of funds through issue and allotment of up to 42,00,600 Share Warrants, each Warrant convertible into 1 Equity Share of the Face Value of Rs. 2 to certain Promoter and Non-Promoter Investors on preferential basis at Issue Price of Rs. 346 including Premium of Rs. 344 aggregating up to maximum amount of Rs. 1,45,34,07,600, subject to the approval at ensuing Extra Ordinary General Meeting.

Fineotex Chemical went on to add, The Board of Directors of Fineotex Chemical Limited, interalia considered and approved raising of funds through issue and allotment of up to 39,02,000 Equity Shares of the Face Value of Rs. 2 each to certain Non-Promoter Investors on preferential basis at Issue Price of Rs. 346 including premium of Rs. 344 per Share aggregating up to maximum amount of Rs. 1,35,00,92,000, subject to the approval at Extra Ordinary General Meeting.

Recently, shares of Fineotex Chemical Ltd. jumped to a lifetime high on Thursday after its profit jumped in the third quarter. The company's net profit jumped 46.5% year-on-year to Rs 32.9 crore in the October-December quarter of FY24, according to an exchange filing. Revenue rose 26.76% to Rs 138.4 crore. The Board has approved an interim dividend of 60% i.e; Rs 1.20/- per equity share at a face value of Rs 2 each aggregating to Rs 13.29 Crores. The dividend is scheduled to be paid on March 12, 2024, at the latest, and the record date is February 26, 2024.

Fineotex Chemical Limited is a speciality chemical-producing group with its headquarters in Mumbai, India. Fineotex is engaged in manufacturing of Speciality Performance Chemicals and Enzymes for Textile and Garment Industry, Water Treatment Industry, Leather Industry, Construction Industry, Paint Industry Agrochemicals, Adhesives and others. The plants of Fineotex are located in Navi Mumbai, Ambernath in India, and Selangor in Malaysia.