TANFAC follows its QIP with a Rs 174 crore preferential issue
TANFAC Industries has completed the first tranche of its Rs 500 crore enabling fund-raise, allotting 12,58,918 equity shares through a QIP on 25 June to raise approximately Rs 250 crore. The board has now approved a follow-on preferential issue of 7,41,082 shares at Rs 2,341 per share, aggregating approximately Rs 173.5 crore, taking the combined raise to about Rs 423.5 crore.
Why it matters
The composition of the preferential round is the detail worth holding on to: Promoter Anupam Rasayan India takes Rs 135 crore of it, with the balance subscribed by Alrox Enterprises, Vivek Jain of Action Tesa, and Tatvam Trade.
The details
A promoter writing the largest cheque at a fixed price immediately after a QIP is a direct statement of where Anupam Rasayan sees the joint-sector company, which it co-promotes with TIDCO.
Who is affected
Proceeds are earmarked for TANFAC's entry into the R-32 refrigerant gas segment and a wider push into value-added fluorochemicals beyond its anhydrous hydrofluoric acid base at Cuddalore.
What's next
Managing Director Afzal Malkani called the two raises a milestone that strengthens the balance sheet while keeping the capital structure prudent.
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