Navin Fluorine to consider proposal to raise funds

Without specifying the amount, the company said it will consider a proposal to raise funds by way of issuance of equity shares, qualified institutional placement, private placement, public issue, preferential issue or through any other permissible mode

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Navin Fluorine International’s board will meet on June 30 to consider a proposal to raise funds but the chemicals company has not specified the amount it is looking at.

The company will consider a proposal for raising funds by way of issuance of equity shares, qualified institutional placement, private placement, public issue, preferential issue or through any other permissible mode, the firm said in an exchange filing.

In a recent earnings call, the company’s wholly-owned subsidiary, Navin Fluorine Advanced Sciences Limited, announced a capital expenditure of Rs 450 crores for setting up a hydrochloric acid plant in Dahej, Gujrat.

The new capex addition is to address the rising demand in pharmaceuticals, agrochemicals, EV battery chemicals and solar space.

Read our live blog for more information 

The chemical manufacturer’s total revenue for FY23 increased 41 percent year-on-year to Rs 2113 crore. EBITDA margins grew 133 basis points year-on-year in the same period. Net profit for the company also grew 42 percent year on year to Rs 375 crore in FY23.

At 10.07 am, Navin Fluorine was trading 0.43 percent up at Rs 4476.30 on the National Stock Exchange. The company has given 8.92 percent returns since the start of the year.

Navin Fluorine is a chemical manufacturer and makes products that are used as raw materials for pharmaceuticals, agrochemicals and cleaners.

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