By: ICN Bureau
Last updated : March 24, 2021 11:48 am
The company proposes to utilize the net proceeds to evaluate and invest in inorganic growth opportunities, within its core chemistries
Rossari Biotech Limited, a speciality chemicals manufacturer providing intelligent and sustainable solutions for customers across industries, announced that its Board of Directors has approved the issuance of up to 30,12,046 equity shares of face value of Rs. 2 each, on a preferential basis.
The Board of Directors has determined a floor price of Rs. 996 per equity share or such higher price, aggregating to Rs. 300 crore. This preferential issue is subject to necessary approvals, including from the company’s shareholders.
The proposed issue will bring on board high-quality and marquee shareholders of scale and repute. The funds from this issue, if approved, will further strengthen the company’s balance sheet profile and will also augment the financial flexibility to address medium-to-long term growth prospects.
Rossari proposes to utilize the net proceeds to evaluate and invest in inorganic growth opportunities, within its core chemistries, with a view to diversify its product portfolio, expand geographical reach and augment end-user industry applications. This will further enable the company to build a strong upcoming pipeline of new products, with impetus on sustainability and environment friendliness.