The company is planning to raise funds by issuing 28.5 lakh equity shares to non-promoter investors on a preferential basis.
Finolex Chemical Limited, invested by veteran stock market investor Ashish Kacholia, has informed the stock market that a meeting of the company’s board of directors was held on Saturday, June 1, in which the proposal to raise funds has been approved.
The company is planning to raise funds by issuing 28.5 lakh equity shares to non-promoter investors on a preferential basis. The company is going to raise Rs 109.05 crore by issuing 28.5 lakh shares with a face value of Rs 2 on preferential basis to non-promoter investors at a price of Rs 387.40 per share.
Finotex Chemical has said that the company is going to call an Extra Ordinary General Meeting on June 27 for this plan to raise funds. Finotex Chemical Shares gave investors a bumper return of 2200 per cent from a low of Rs 15 on March 27, 2020. The 52-week high level of shares of Finotex Chemical is Rs 458.5 while the 52-week low level is Rs 266.
On Friday, slight weakness was recorded in Finotex Chemical Limited’s shares, trading at a price of Rs 353. Shares of Finotex Chemical have been weak for the last few days but in the last one year it has given a return of 13 per cent to the investors while in the last 5 years it has given a return of 835 percent.