Fineotex Chemical Raises Rs 342.55 Crore Through Preferential Issue Of Shares, Warrants

Fineotex Chemical Ltd. raised a total of Rs 342.55 crore through issue of equity shares and warrants on a preferential basis.

The capital raised by the company will be used to support organic and inorganic growth opportunities that will help advance its operational capabilities.

The company has raised the funds in two tranches through a preferential allotment of equity shares and convertible warrants, according to an exchange filing issued on Monday.

"This preferential allotment aligns with the initial tranche of our fund raised on May 22, 2024, amounting to Rs 124.4 crore. The cumulative funds raised from both tranches now total Rs 342.6 crore," said Sanjay Tibrewala, CFO and executive director at Fineotex Chemical.

(With Inputs From PTI)