Indian stock market: Multibagger chemical stock declares ₹290 crore fundraise via issuance of fresh warrants, equities
Indian stock market: Fineotex Chemical shares are one of the multibagger stocks that the Indian stock market has delivered in recent years. This chemical stock has risen from around ₹36 apiece to ₹442 per share level, logging over 1100 percent rise in this time.
However, the multibagger stock still possesses some upside potential During Friday deals, the multibagger stock climbed to a new lifetime height of ₹449.95 apiece on NSE. The multibagger chemical stock witnessed a sharp upside after the outbreak of stock market news that the company has decided to go for fundraising via the issuance of warrants and equities on a preferential basis.
The chemical company informed Indian stock market bourses that the board of directors of the company has considered and approved fundraising to the tune of ₹145 crore via issuance of fresh warrants and ₹145 crore fundraising via issuance of fresh equities on a preferential basis. The company board approved the issuance of 42,00,600 warrants at ₹346 apiece whereas it approved the issuance of 39,02,000 equity shares for ₹346 apiece.
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