Fineotex Chemicals Raises Rs 342.5 Cr Via preferential Allotment

Fineotex Chemicals on Monday, July 22, informed the exchanges about a successful fundraise by the company through a preferential allotment of equity shares and convertible warrants.

Key Takeaways from Fineotex Chemicals Fundraise

• Fineotex Chemicals successfully raised funds through a preferential allotment of equity shares and convertible warrants.
• In the first phase, the company allotted 9,70,000 equity shares at an issue price of Rs 346 per share, totaling Rs 33.56 million. 
• In the second phase, the company issued 28,15,049 equity shares at an issue price of Rs 387.4 per share, totaling Rs 109.05 crore, and 28,15,049 convertible warrants at the same price, totaling Rs 109.05 crore.
• According to Fineotex Chemicals, the business has been paid an upfront sum of Rs 22.72 crore, or 25% of the total amount of warrants that were issued.

Fineotex Chemicals said that it had successfully raised Rs 342.5 crore through the preferential sale of equity shares and convertible warrants. The preferential share allocation and convertible warrant allotment took place in two phases. 

In the first phase, the company allotted 9,70,000 equity shares at an issue price of Rs 346 per share, totaling Rs 33.56 million. The company also raised funds through the issuance of 26,26,600 convertible warrants at a price of Rs 346 per warrant, totaling Rs 90.88 crore.

According to Fineotex Chemicals, the business has been paid an upfront sum of Rs 22.72 crore, or 25% of the total amount of warrants that were issued. Each warrant is convertible into one fully paid-up equity share upon receipt of payment of Rs 259.5 per warrant within 18 months of May 22, 2024.

In the second phase, the company issued 28,15,049 equity shares at an issue price of Rs 387.4 per share, totaling Rs 109.05 crore, and 28,15,049 convertible warrants at the same price, totaling Rs 109.05 crore.

The company has received an upfront payment of Rs 27.26 crore, which is 25% of the entire warrant issuance size. Each warrant is convertible into one fully paid-up equity share upon receipt of a payment of Rs 290.55 per warrant (the remaining 75% of the issue price) within 18 months of July 19, 2024.

About Fineotex Chemicals Limited

Fineotex Chemicals manufactures chemicals for the textile, building, water treatment, fertiliser, leather, and paint sectors. Customers all over the world rely on the company to manufacture and supply a wide range of products for textile processing, including pretreatment, dyeing, printing, and finishing.

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