Monday, May 20, 2024

Fineotex Chemical Ltd. Receives In-principle Approval for Preferential Issue of Warrants

Fineotex Chemical Ltd., a leading specialty chemical producer, has announced that it has received an in-principle approval from BSE & NSE for preferential issue of warrants. Earlier the Board of Directors approved raising of funds through issue and allotment of 42,00,600 convertible share warrants at an issue price of Rs. 346 per warrant, aggregating up to maximum amount of Rs. 146 Cr.

Further, the company is currently engaged in advanced discussions with a speciality chemical manufacturing company regarding a potential acquisition. The target company’s product portfolio and customer base aligns well with its current business operations. The company further added, “we wish to inform you that negotiations and due diligence are underway and this initiative reflects our commitmentto both org anic and inorganic growth, enhancing stakeholder value.”

Founded in 1979, Fineotex Chemical is leading specialty chemical producer and a solution provider, having a market leading position in the specialty chemicals, in the international business as well as the domestic textile industry. Company manufactures chemicals for the entire value chain for the textile industry including pre-treatment, dyeing, printing and finishing process. The Company has successfully expanded into home care, hygiene and drilling speciality chemicals sector which is already supporting the next phase of growth for the Company. The Company manufactures over 470 products and exports to over 69 countries.

The Company has manufacturing facilities in Mumbai and Ambernath, India and Selagnor, Malaysia with combined capacity of 1,04,000 MTPA. The newly set up facility at Ambernath with capacity of 61,000 MTPA (initial planned capacity 40,000 MTPA) will cater to customers’ demand for existing textile specialties and the fast-growing home care and hygiene and drilling specialties business.

The subsidiary in Malaysia, Biotex Malaysia drives all the R&D initiatives of the Company and overall new product development. BioTex specializes in high end specialty finishing textile chemicals like water & oil repellents, antimicrobials, etc. for textiles. It has critical industry certifications such as Bluesign, Global Organic Textile Standard, REACH, Bhive, ISO 9001:2015, ZDHC and OEKO-Tex, which makes the Company preferred choice for global textile manufacturer.

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