Laxmi Organic down 4%; raises Rs 259 crore through QIP

The fund-raising committee on October 10 approved the allotment of 9,625,579 equity shares of face value of Rs 2 at an issue price of Rs. 269.20 a share

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Laxmi Organic stock was trading 4 percent lower in the morning session on October 12, a day after the company announced a Rs 259-crore fundraise through Qualified Institutional Placements.

According to a regulatory filing, Laxmi Organic Industries completed a fundraise of Rs 259 crore through the QIP. The committee on October 10, approved the allotment of 9,625,579 equity shares of face value of Rs 2 at an issue price of Rs 269.20 a share.

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In the first quarter of the current financial year, Laxmi Organic reported net sales of Rs 698.01 crore, down 13.15 percent from Rs 803.67 crore in June 2022.

Net profit was at Rs 37.94 crore, down 37.65 percent from the year-ago period. EBITDA was at Rs 82.10 down 13.16 percent from Rs 94.54 crore from year ago.

The company is yet to announce its Q2FY24 results.

Also read: Accumulate Laxmi Organic Industries; target of Rs 302: KR Choksey

Laxmi Organic is a leading manufacturer of acetyl intermediates and specialty intermediates.

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