In line with NACL Industries Ltd's plan to raise Equity funds to finance its growth plans in the domestic and export markets, the Board has recommended raising around Rs.115 Crs. as Equity and the approval of the shareholders is being sought in the meeting on 7th March 2019.
The infusion of Equity will be through issue of Equity and Equity Warrants (exercisable within 12 months), to an incoming Investor and the existing Promoter. The incoming Investor is Krishi Rasayan Group who will hold around 16% of the equity of NACL upon completion of infusion of funds. The Promoters are also investing Rs. 15 Crs. through Equity Warrants. Post the issue, the Promoters will continue to have controlling interest by holding around 63% of the Equity.
There will be no change in the Management of NACL and will continue to run by professional Managers.
Krishi Rasayan Group is an established player in the Agrochemical generic space and has Revenues of around Rs. 1200 Crs. it has presence in the Indian market and has made forays in export markets. This partnership envisages NACL leveraging its Technicals plant by introducing new generic products and enhancing capacity utilization and in the Exports markets.
Shares of NACL Industries Ltd was last trading in BSE at Rs.33.75 as compared to the previous close of Rs. 33. The total number of shares traded during the day was 43281 in over 155 trades.
The stock hit an intraday high of Rs. 34.2 and intraday low of 31.35. The net turnover during the day was Rs. 1412252.