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Anupam Rasayan approves raising funds by selling shares to institutional investors

Anupam Rasayan approves raising funds by selling shares to institutional investors

Anupam Rasayan approves raising funds by selling shares to institutional investors
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By Hormaz Fatakia  Sept 29, 2022 10:28:54 AM IST (Published)

Anupam Rasayan has recently been in the news due to the fire at its plant in Sachin, which resulted in multiple fatalities.

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Gujarat-based speciality chemicals company Anupam Rasayan has launched a Qualified Institutional Placement to raise funds, according to its exchange filing. Sources tell CNBC-TV18 that the company is looking to raise Rs 500 crore through the issue.
A listed Indian company can raise funds through a QIP from the domestic market without needing to submit any pre-issue filings to market regulators.
The floor price for the issue has been set at Rs 762.88, which is a 0.6 percent premium to the company's closing price on Wednesday. The company mentioned in the exchange filing that it might offer a discount of not more than 5 percent on the floor price.
According to sources, the indicative offer price for the issue is likely to be Rs 725, which would be a 4.4 percent discount from its closing price on Wednesday, September 28.
The announcement follows the company's approval in May when it planned on raising Rs 800 crore through various fundraising methods, including a QIP.
Anupam Rasayan was in the news earlier this month after a fire incident at their plant in Sachin GIDC in Surat district caused four fatalities and 20 people were injured.
Following the incident, the Gujarat Pollution Control Board issued a closure notice to the company's plant and also imposed a penalty of Rs 1 crore as interim environmental damage compensation.
"We seek to comply with the directions of GPCB and shall submit the compliance report. The company is taking all measures to restart the plant at the earliest," the company wrote in its exchange filing, adding that the move will not have any significant financial impact.
The facility was commissioned in 2019. The company has installed a capacity of 27,157 MT spread across six manufacturing units in Sachin and Jhagadia in Gujarat and caters to 68 clients, including 25 MNCs.
Shares of Anupam Rasayan are off opening highs, currently trading 0.6 percent higher at Rs 763.15.
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