Chemical firm Deepak Nitrite Ltd has raised Rs 83.30 crore from institutional investors through private placement of shares.
In a filing to BSE, Deepak Nitrite informed that the project funding committee of board of directors of the company, at its meeting held today, approved the allottment of 1,17,50,000 shares of Rs 2 each at Rs 70.90 apiece.
With the allotment of these shares, the company will raise Rs 83.30 crore.
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The shares will be allotted to Franklin India Smaller Companies Fund, Government Pension Fund Global and ICICI Lombard General Insurance Company Ltd.
Deepak Nitrite is a leading supplier of organic, inorganic and fine chemicals to global chemical majors.
Headquartered in Gujarat, Deepak Nitrite has manufacturing facilities at Nandesari and Dahej in Gujarat, Roha and Taloja in Maharashtra, and at Hyderabad in Andhra Pradesh.
It manufactures Bulk Chemicals & Commodities (BCC), Fine & Speciality Chemicals (FSC) & Fluorescent Whitening Agents (FWA).
