The proposal is subject to shareholders' approval and regulatory approvals.
The company said its board will consider raising funds on 24 June 2022.The company plans to raise funds by issuing equity shares and/or other equity linked securities, through permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer, etc., or any combination thereof.
Fineotex Chemical is a specialty chemicals manufacturer that caters to multiple sectors such as textile, home care, hygiene, mining, garment, water treatment, leather, construction, paint, agrochemicals and adhesives.
The company reported 47.2% increase in consolidated net profit to Rs 16.52 crore on a 61.8% rise in net sales to Rs 121.39 crore in Q4 FY22 over Q4 FY21.
Shares of Fineotex Chemical fell 0.95% to Rs 162.45 on Monday.
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