Multibagger chemical stock to raise funds via issuance of warrants, equities - Check issue price and other details

Speciality chemicals company Fineotex Chemical has informed exchanges that it will raise funds through the issue and allotment of warrants and equity shares. Fineotex in a regulatory filing said that the board of directors of the company has approved the issuance of 42,00,600 warrants and 39,02,000 equity shares with face value of Rs 2.

"Raising of funds through issue and allotment of up to 42,00,600 (Forty-Two Lakhs and Six
Hundred) Share Warrants, each Warrant convertible into 1 (one) Equity Share of the Face Value of Rs. 2/- (Rupees Two Only) to certain Promoter and Non-Promoter Investors," it said.

Each warrant would be convertible into, or exchangeable, within a maximum period of 18 months from the date of allotment of warrants into an equivalent number of fully paid-up equity shares of face value of Rs. 2/- each of the company.

Issue Price

According to the regulatory filing, the issue price is Rs 346 including a premium of Rs 344.

Earlier on Friday, shares of Fineotex Chemical hit lifetime. The counter opened at Rs 415.65 and touched an intraday high of Rs 449.65. This was a surge of 10.32 per cent from the previous close of Rs 407.60.