Earlier on 4 June 2020, the company had announced temporary shut‐down of the Dahej manufacturing unit, which was severely affected due to massive explosion in the adjoining unit belonging to Yashashvi Rasayan on 3 June 2020.

Meanwhile, the board of Camlin Fine Sciences (CFS) in its meeting held on 25 June 2020, approved raising upto Rs 180 crore ($23.8 million) from Infinity Holdings and its affiliated entities, with Convergent Finance LLP acting as an investment advisor.

Structured as a subscription to equity warrants priced based on the prevailing market price, the investment will result in an approximately 22.65% ownership stake on a fully diluted basis.

Additionally, as a critical step towards aligning the interests of all shareholders, terms of the investment contemplate the institution of an ESOP for senior management/eligible employees, accompanied by a call option for the promoters. Customary closing conditions, including the shareholder approval, will apply.

The purpose of fund raise would be to consolidate and acquire the entire stake of its joint venture partners in the company's subsidiaries in Mexico and China, i.e. Dresen Quimica S.A.P.l. de C.V and CFS Wanglong Flavours Ningbo Co., as well as to enhance the company's portfolio in heath & wellness segment by launching new products.

On a consolidated basis, the company's net profit slumped 63.3% to Rs 2.67 crore on a 9.3% increase in net sales to Rs 292.87 crore in Q4 FY20 over Q4 FY19.

Camlin Fine Sciences is a provider of high-quality shelf life extension solutions including antioxidants, aroma ingredients and performance chemicals.