Deepak Nitrite board to mull fund raising on 22 Dec

Deepak Nitrite on Tuesday announced that the company's board will meet on 22 December 2021 to consider raising of funds.

In an exchange filing, Deepak Nitrite said, a meeting of the Board of Directors of the company is scheduled to be held on Wednesday, 22 December 2021 to consider raising of funds by way of issue of equity shares or any other instruments or security including fully/partly convertible debentures or by way of a composite issue of non- convertible debentures or any other eligible securities through qualified institutions placement, private placement and/or public issue of equity/debt securities.

Deepak Nitrite is one of the fastest growing chemical intermediates with 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, which are all accredited by Responsible Care.

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 were trading 1.06% higher at Rs 2,349.95 on BSE.

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