Neogen Chemicals is currently trading at Rs. 1604.00, up by 15.70 points or 0.99% from its previous closing of Rs. 1588.30 on the BSE.
The scrip opened at Rs. 1466.30 and has touched a high and low of Rs. 1636.75 and Rs. 1466.30 respectively. So far 18260 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1843.00 on 08-Dec-2021 and a 52 week low of Rs. 665.00 on 22-Dec-2020.
Last one week high and low of the scrip stood at Rs. 1760.45 and Rs. 1466.30 respectively. The current market cap of the company is Rs. 3750.45 crore.
The promoters holding in the company stood at 64.33%, while Institutions and Non-Institutions held 19.34% and 16.33% respectively.
Neogen Chemicals has received an approval for the issuance of up to 16,04,710 equity shares on preferential basis at an issue price of Rs 1,402.12 per equity share aggregating to approximately Rs 225 crore.
Neogen has demonstrated its expertise across multiple chemistries including complex chemicals in the existing line of businesses, namely Organic Chemicals and Inorganic Chemicals. In addition to this, Neogen foresees significant opportunities emerging in advance intermediates, custom synthesis and new application for its expertise in lithium chemistry for manufacturing lithium-ion battery materials, required for manufacturing Advance Chemistry Cells for Lithium Ion Batteries having applications for Energy Storage for Renewables as well as for rapidly expanding Electric Vehicle (EV). The objective of this fund raise is to support the company’s growth and to capture the upcoming high potential opportunities in these segments.
The equity infusion will further strengthen the company’s balance sheet position while making it future ready, to tap the growing needs of key end user industries. The Board of Directors of the company, at its meeting held on December 9, 2021, has approved the issuance of the same.
Neogen Chemicals is one of India’s leading manufacturers of bromine-based, and lithium-based, specialty chemicals.