Deepak Nitrite board OKs Rs 2,000 cr QIP issue

Deepak Nitrite said that its board has raising of funds through issuance of equity shares by way of qualified institutional placement (QIP) for an aggregate amount upto Rs 2,000 crore.

In an exchange filing made during market hours today, the company said that the board of directors at the meeting held today (22 December 2021) has approved raising up to Rs 2,000 crore through issuance of equity shares or any other equity-linked securities of the company or other securities convertible into or exchangeable for equity shares via qualified institutions placements (QIP), in one or more of the tranches.

The company will seek approval of shareholders of the company for the aforesaid purpose through a postal ballot.

Deepak Nitrite is one of the fastest-growing chemical intermediates with a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments and petro-derivates intermediates- phenolics, acetone and IPA in India and overseas. Its products are manufactured in six plants across five locations.

The company posted a 49.4% increase in consolidated net profit to Rs 254.34 crore in Q2 FY22 as compared to Rs 170.19 crore posted in Q2 FY21. Revenue from operations rose a 70.3% increase in net sales to Rs 1,681.35 crore in Q2 FY22 over Q2 FY21.

Shares of Deepak Nitrite advanced 2.19% to end at Rs 2327.85 on BSE.

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