Fineotex Gets Board’s Approval to Allot 9.70 lakh Equity Shares

Amidst the good momentum in the functioning of the stock market, a rise of 4.69 percent was being recorded in the shares of Fineotex Chemical Limited and the shares of the chemical company with a market cap of Rs 4180 crore had touched the level of Rs 379. The 52 week high level of shares of Finotax Chemical Limited is Rs 458 while the 52 week low level is Rs 266. Shares of Finolex Chemical Limited have been weak for the last few days but have given a return of 16 percent to investors in the last 6 months.
Shares of Fineotex Chemical Limited have given a return of 32 percent to investors in the last 1 year from a low of Rs 288, while in the last 5 years they have given a multibagger return of 910 percent from a low of Rs 37.50. The shares of Fineotex Chemical have made investors rich by giving them a bumper return of 1504 percent from the level of Rs 23.60 on January 16, 2015.
Fineotex Chemical Limited, included in the portfolio of stock market veteran investor Ashish Kacholia, has informed the stock market that the company has allotted 9.70 lakh shares of ₹ 2 face value at a price of Rs 346 to non-promoter category investors on preferential basis.
The company is going to get Rs 33.56 crore from this. Along with this, the company has issued 26.26 lakh convertible warrants at the price of ₹ 346 per warrant, from which the company is going to earn Rs 90.8 crore. Fineotex Chemical Limited has thus raised a total amount of Rs 124.44 crore.