Clean Science and Technology has subscribed to the additional 11,70,572 equity shares of face value of Rs 10 each at a premium of Rs 588 for cash, aggregating to Rs 70 crore by way of subscription to the rights issue of Clean Fino-Chem (CFCL), a wholly owned subsidiary of the Company. The said shares shall rank pari passu with the existing equity shares.
CFCL is in process of setting up manufacturing facility for its speciality chemical business. The additional capital will be used for funding its green field projects.
Clean Science and Technology is among the leading companies in India to have commercialized use of environment-friendly processes to manufacture certain specialty chemicals, at global capacities.
