This is part of the company board's recommendation to raise around Rs 115 crore to finance its growth plans in the domestic and export markets.
The infusion of equity will be done through equity and equity warrants to the incoming investor as well as the existing promoter. While the incoming investor will hold 16 per cent equity after the infusion, the promoters are investing Rs 15 crore through equity warrants. Post the issue, the promoters will continue to have controlling interest by holding around 63 per cent of the equity, the company said.
NACL has reported a net profit of Rs 1.42 crore for the quarter ended December 2018 from a total income of Rs 201.59 crore. For the nine-month period, the net profit stood at Rs 7.7 crore on a total income Rs 705.49 crore.
The company said the reduction in the margins was mainly on account of lower volumes of domestic sales, coupled with higher input costs and inadequate availability of raw materials.