Shree Pushkar Chemicals & Fertilizers Limited approves issuance of warrants to promoters on preferential basis for an investment aggregating up to INR 15 crore at a price of INR 208.10 for each warrant
The Board of Directors of Shree Pushkar Chemicals and Fertilizers Ltd. has approved to raise funds by issuance and allotment of warrants on preferential basis, with each Warrant convertible into one equity share of Rs. 10 each within a period of 18 months from the date of allotment of warrants, for cash, at an exercise price of Rs. 208.10 per Warrant (including a premium of Rs. 198.10 per Warrant) aggregating up to Rs. 15 crore to the promoters of the company. The issuance is subject to shareholders approval at the forthcoming Annual General Meeting.
The current shareholding of the Promoters and Promoter Group stands at 63%. The money would be utilized by the company for the upcoming Capex of Rs. 75+ crore.
Commenting on the Issuance of Warrants Punit Makharia, Chairman and Managing Director,Shree Pushkar Chemicals and Fertilisers Limited said “With a planned capex of INR. 75 crore in the areas of Dye Intermediates and Sulphur derivatives, the promoters have decided to infuse equity into the company, to ensure smooth and timely execution of the projects. This infusion will help the company to be better capitalised at the time when the sector is offering multi fold growth opportunities.”
Shree Pushkar Chemicals and Fertilizers Ltd. (BSE – 539334, NSE – SHREEPUSHK, Bloomberg – PCFL: IN) is an Integrated Specialty Chemicals manufacturing company, dealing in the entire range of textile and specialty chemicals. The company is one of the largest producers of Dye Intermediaries and Dyestuff, with the widest range of Dye Intermediaries offering.