Clean Science and Tech infuses Rs50 crore in wholly-owned subsidiary Fino-Chem

30 Mar 2022 , 02:07 PM

Clean Science and Technology Limited informed the investors and exchanges that the company has subscribed to the 44,71,515 Equity shares of the face value of Rs10 (Rupees Ten Only) each at a premium of Rs113 each for cash consideration.

The total amount payable for such acquisition stands at Rs55 crore.

The company has made this investment by way of subscription to the rights issue of Clean Fino-Chem Limited, a wholly-owned subsidiary of the Company. The said shares shall rank pari passu with the existing equity shares.

Clean Science is a family-owned business that works on developing newer technologies using in-house catalytic processes, which are eco-friendly and cost-competitive. It is one of the largest manufacturers of certain specialty chemicals and is an exporter to multinational corporations across the globe.

Clean Science & Tech is currently trading at Rs1,983 down by Rs4.4 or 0.22% from its previous closing of Rs1,987.40 on the BSE. Its scrip has touched a high and low of Rs2,021 and Rs1,978 respectively.