Rossari Biotech slips 5% after board approves Rs 300 cr preferential issue

Rossari proposes to utilise the net proceeds to evaluate and invest in inorganic growth opportunities, within its core chemistries, with a view to diversify its product portfolio

Shares of Rossari Biotech slipped 5 per cent to Rs 1,056.80 on the BSE in intra-day trade on Wednesday on profit booking after the company board gave a go-ahead to issue equity shares aggregating to Rs 300 crore on a preferential basis. The company is a speciality chemicals manufacturer, providing intelligent and sustainable solutions for customers across industries. In the past four trading days, the stock has rallied 14 per cent.

The company said its board of directors approved the issuance of up to 3.01 million equity shares on a preferential basis and determined a floor price of Rs 996 per