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Fineotex Chemical raises funds of Rs 342.55 crore through Preferential Allotment

22 Jul 2024 Evaluate

Fineotex Chemical has successfully raised funds worth Rs 342.55 crore through a preferential allotment of equity shares and convertible warrants. The fund-raising was executed in two distinct phases. 

In a Phase I, the company allotted 970,000 equity shares at an issue price of Rs 346 per share, aggregating to Rs 33.56 crore and 2,626,600 convertible warrants at a price of Rs 346 per warrant, aggregating to Rs 90.88 crore. The company has received an upfront payment of Rs 22.72 crore, representing 25% of the total warrant issue size. Each warrant is convertible into one fully paid-up equity share upon the receipt of payment of Rs 259.50 per warrant (Remaining 75% of the issue price) within 18 months from 22 May 2024.

In a Phase II, the company allotted 2,815,049 equity shares at an issue price of Rs 387.40 per share, aggregating to Rs 109.05 crore and 2,815,049 convertible warrants at the same price, aggregating to Rs 109.05 crore. The company has received an upfront payment of Rs 27.26 crore, representing 25% of the total warrant issue size. Each warrant is convertible into one fully paid-up equity share upon the receipt of payment of Rs 290.55 per warrant (Remaining 75% of the issue price) within 18 months from July 19, 2024.

Fineotex Chemical manufactures specialty chemicals consumed by textile and garment industry, leather, construction, adhesives paper, water treatment, agrochemicals, paint and other industries.


Fineotex Chemical Share Price

23.21 0.27 (1.18%)
17-Apr-2026 16:59 View Price Chart
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