Navin Fluorine International said that its board will meet on Saturday, 29 June 2024 to consider raising funds by way of issuance of equity shares or other eligible securities aggregating to Rs 750 crore.
The company will raise funds by way of issuance of equity shares or any other instruments or securities through qualified institutional placement/ private placement / public issue / preferential issue or through any other permissible mode.Earlier on 31 July 2023, the company passed special resolution approving fund raising not exceeding 750 crore which is valid for 365 days from the date of passing of the Special Resolution i.e. upto July 30, 2024.
The companys consolidated net profit declined 26.78% to Rs 78.02 crore in Q3 FY24 as compared with Rs 106.56 crore posted in Q3 FY23. Revenue from operations fell 10.96% to Rs 501.82 crore in Q3 FY24 as against Rs 563.58 crore recorded in Q3 FY23.
Navin Fluorine International belongs to a reputed industrial house of Padmanabh Mafatlal Group in India. It has largest integrated fluorochemicals complex in India.The Company primarily focuses on fluorine chemistry - producing refrigeration gases, chemicals, inorganic bulk fluorides, specialty organofluorines and offers Contract Research and manufacturing services.
The scrip rose 1.76% to end at Rs 3,595.30 on Wednesday, 26 June 2024.
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