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Hot Pursuit
24-Nov-23
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Clean Science and Tech acquires additional stake in its subsidiary
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Clean Science and Technology said that it has subscribed additional equity shares of its wholly owned subsidiary (WOS), Clean Fino-Chem for total consideration of Rs 60 crore.
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The company has subscribed additional 10,03,346 equity shares of the face value of Rs 10 each fully at a premium of Rs 588 for cash, aggregating to Rs 60,00,00,908 by way of subscription to the rights issue.
The company will set up a manufacturing facility for its speciality chemical business. The additional capital will be used for funding its green field projects.
Clean Science and Technology is amongst few global companies focused entirely on developing newer technologies using in-house catalytic processes, which are eco-friendly and cost competitive. This has enabled to emerge as the largest manufacturer globally of certain specialty chemicals in terms of manufacturing capacities.
The company’s consolidated net profit declined 23.2% to Rs 52.19 crore on 26.8% decrease in net sales to Rs 181.12 crore in Q2 FY24 over Q2 FY23
The scrip rose 0.01% to Rs 1,348.60 on the BSE.
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