Share news: Specialty chemicals company to raise ₹200 crore through NCDs - keep an eye on the stock

News Topical, Digital Desk : Specialty chemicals maker Neogen Chemicals Limited on Saturday informed that the company's board has approved raising up to Rs 200 crore. The funds will be raised through private placement of fully paid, secured, listed, rated, redeemable, rupee-denominated, non-cumulative, non-convertible debentures (NCDs). The tenure of these NCDs will be up to 36 months and interest will be payable monthly. The debentures will be listed on BSE Limited and will be secured by a subordinate charge through hypothecation and mortgage.

Apart from this, the company also disclosed that it has been fined ₹3,61,080 (including GST) by BSE Limited for violation of Section 17(1A) of SEBI Listing Regulations. The violation was related to the reappointment of a non-executive independent director above the age of 75 years, in which the regulatory rules were not clearly mentioned in the special resolution and clarification. 

Share performance Neogen Chemicals is in the business of manufacturing specialty chemicals. The company has four manufacturing units in Maharashtra, Gujarat and Hyderabad. On Friday (July 11), the stock of Neogen Chemicals Limited closed down 0.35 per cent at Rs 1,584. The company's stock has seen a decline of 3.92 per cent in the last one year. 

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