NACL to raise Rs115cr through equity funding

The infusion will be through the issue of equity and equity warrants (exercisable within 12 months) to an incoming investor and the existing promoter.

Feb 11, 2019 12:02 IST India Infoline News Service

NACL Industries, in a press note to the exchanges on Monday, informed that the company is planning to raise equity funds worth Rs115cr to finance its growth plans in the domestic and export markets.

"The Board has recommended raising around Rs115cr as equity and the approval of the shareholders will be sought at the meeting on March 7, 2019," the company said in a press note to the exchanges on Monday.

The infusion will be through an issue of equity and equity warrants (exercisable within 12 months) to an incoming investor and the existing promoter, the company stated.

The incoming investor is Krishi Rasayan Group, which will hold around 16% of NACL's equity upon completion of the infusion. The promoters are also investing Rs15cr through equity warrants. Post the issue, the promoters will continue to have a controlling interest by holding around 63% of the equity.

"There will be no change in the NACL management ," the company added.

NACL Industries Ltd's share price is currently at Rs30.05, down Rs3.7, or 10.96%, from its previous close of Rs33.75 on the BSE. The scrip opened at Rs33.75 and has touched a high and low of Rs33.75 and Rs29.55, respectively. So far, 1,21,300 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs528.13cr.

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