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Laxmi Organic Industries intends to raise additional funds through equity and/or debt as deemed fit and necessary by the board of directors.
Moreover, the board has authorized the creation of a charge or mortgage on both movable and immovable assets of the company, present and future, for borrowing up to Rs 2,000 crore.
Laxmi Organic Industries specializes in the production of specialty chemicals and operates in two primary business segments: Acetyl Intermediates and Specialty Intermediates.
On a consolidated basis, Laxmi Organic Industries' Q3 FY23 net profit slumped 61.4% to Rs 27.23 crore, with revenue from operations declining by 23.87% to Rs 654.64 crore over the same quarter last year.
Shares of Laxmi Organic Industries fell 2.06% to Rs 279.95 on Thursday, 20 April 2023.
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