Shree Pushkar Chemicals & Fertilizers Limited, approves issuance of Warrants to Promoters on preferential basis
Deepthi | Myequity news | Date : 28-08-2018 18:50:00 IST
Shree Pushkar Chemicals and Fertilizers Ltd., Board of Directors 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 Crores 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+ Crores.
Commenting on the Issuance of Warrants Mr. Punit Makharia, Chairman and Managing Director, Shree Pushkar Chemicals and Fertilizers Limited said “With a planned capex of Rs. 75 Crores 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 capitalized at the time when the sector is offering multi fold growth opportunities.”About Shree Pushkar Chemicals and Fertilizers Ltd.:
Shree Pushkar Chemicals and Fertilizers Ltd. 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. It is a zero-waste chemical company with a unique business model that is completely forward and backward integrated. The company’s multiple zero waste plants produce a wide range of textile and specialty chemicals. The company has a range of products including Dye Intermediaries, Dye Stuff, Fertilizers, Acids Complex, Fertilizers and Cattle Feed. The company is headquartered in Mumbai with manufacturing facilities in Maharashtra.