By: ICN Bureau
Last updated : March 09, 2026 4:42 pm
Proceeds are earmarked for investment in the subsidiary Neogen Ionics Limited
Neogen Chemicals has approved a Rs. 161 crore fundraise through a preferential allotment to promoter group entity, Cadamba Solutions Private Limited. The board sanctioned the issuance of 10 lakh equity shares at Rs. 1,610 per share. This price is 17.02% higher than the SEBI-mandated floor price of Rs. 1,375.82.
Post-allotment, the promoter group's total stake is expected to increase from 51.23% to 53.01%.
Proceeds are earmarked for investment in the subsidiary Neogen Ionics Limited, as well as for working capital and general corporate needs.
An Extraordinary General Meeting (EGM) is scheduled for March 29, 2026, to seek final approval for the resolution.