Specialty Chemical Stock To Consider Fund Raising & Final Dividend Soon: Do You Own?

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. The stock is going to be in focus this week as it is soon going to declare final dividend for FY24 and fundraising soon.

The company informed stock exchanges that the meeting Board of Directors of will be held on Saturday, June 01, 2024 to consider the proposal for raising of funds by way of the issue of one or more instruments comprising equity shares, convertible securities of any other description or warrants or debt securities, through private placement/preferential issue/qualified institutions placement or such other methods or combinations thereof as may be decided by the Board.

Fineotex Chemical said in a stock exchange filing on May 22, 2024 that the Board of Directors considered and approved the allotment of 9,70,000 equity shares having a face value of Rs. 2/- each at a price of Rs. 346/- per share aggregating to Rs. 33,56,20,000 on preferential basis to the persons/entities belonging to non-promoter category.
The Board also allotted 26,26,600 convertible warrants at a price of Rs. 346/- (including the Warrant Subscription Price of Rs. 86.50/- and the warrant exercise price of Rs. 259.50/-) each aggregating upto Rs. 90,88,03,600/- on preferential basis to the persons/entities belonging to Promoter and non-promoter category. The company has received an amount aggregating to Rs. 22,72,00,900 at the rate of Rs. 86.50/- per warrant, being 25% of the issue price per warrant as upfront payment from 8 warrant allottees, as per a stock exchange filing.

The issued, subscribed and paid up share capital of the company has increased from the existing 11,07,64,989 to 11,17,34,989 due to the allotment of equity shares on a preferential basis, Fineotex Chemical said in a regulatory filing.

Fineotex Chemical further informed to the stock exchanges that it raised a total sum of 124,44,23,600/- on allotment of 9,70,000 equity shares of face value of Rs. 2/- each at a premium of Rs. 344/- per share amounting to Rs. 33,56,20,000 /- ; and 26,26,600 convertible warrants of Rs. 2/- each at a premium of Rs. 344/- per share warrant amounting to Rs.22,72,00,900 which represents 25% of the total value of share warrants.

The Board of Directors of the company is scheduled to be held on Tuesday, 28th May, 2024 inter-alia to consider and approve the audited standalone and consolidated financial statements for the quarter and year ended March 31, 2024 and recommendation of final dividend, if any, Fineotex Chemical further informed in stock exchange filing.