Navin Fluorine Considers Fundraising Proposal

Tanushree Jaiswal 27th June 2023 - 05:05 pm

Navin Fluorine, a company involved in chemical manufacturing for pharmaceuticals, agrochemicals, and cleaners, has announced that its board will meet on June 30. The agenda of the meeting is to discuss a proposal for raising funds.

The company has not specified the amount it is seeking to raise. Still, it has outlined various options for raising funds, including the issuance of equity shares, qualified institutional placement, private placement, public issue, preferential issue, or any other permissible mode.

One of the company's wholly-owned subsidiaries, Navin Fluorine Advanced Sciences Limited, recently disclosed plans for a capital expenditure of ₹450 crores. This investment is intended for the establishment of a hydrochloric acid plant in Dahej, Gujarat.

This expansion aims to meet the growing demand in sectors such as pharmaceuticals, agrochemicals, EV battery chemicals, and solar applications.

Regarding financial performance, Navin Fluorine reported a 41% year-on-year increase in total revenue for FY23, amounting to ₹2113 crore. The company also achieved a 133 basis point growth in EBITDA margins during the same period. Net profit for FY23 rose by 42 percent year on year to ₹375 crore. Navin Fluorine's stock on the National Stock Exchange is currently priced at ₹4476.30, showing a 0.25% increase. The stock has gained 8.92% since the beginning of the year.

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Tanushree Jaiswal

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