Ashish Kacholia portfolio: Despite the market’s downturn on Monday, Fineotex Chemical shares demonstrated remarkable resilience, continuing to attract bullish attention. This stock, a part of Ashish Kacholia’s portfolio, saw significant buying interest even amidst the participatory selling on Dalal Street. The share price initially opened on a positive note but soon dipped to an intraday low of ₹340.25 per share on NSE. However, it swiftly rebounded, reaching an intraday high of ₹363.80 per share, marking a more than 5 percent rise from Friday’s close of ₹345.70 apiece. The chemical company’s announcement of a potential acquisition further fueled buying interest in the stock.
Fineotex Chemical news
According to the latest exchange filing by Fineotex Chemical Ltd, the company is in advanced discussions with a speciality chemical manufacturing company for a potential acquisition. The target company’s product portfolio and customer base align strategically with Fineotex’s current operations, a factor that should inspire confidence in the company’s growth strategy. The company reiterated that negotiations and due diligence are ongoing, underscoring their commitment to both organic and inorganic growth and enhancing stakeholder value.
“Please note that the proposed acquisition is contingent upon completion of due diligence and other relevant factors,” the Ashish Kacholia-backed company added.
On Friday, Fineotex Chemical, a company backed by Ashish Kacholia, informed Indian exchanges about the allotment of preferential shares. This strategic move is part of the company’s capital restructuring plan and is aimed at raising funds for future growth initiatives. The company stated, “In continuation of our letter dated February 16, 2024, and application submitted to the National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”) (“collectively referred as the stock exchanges”) concerning captioned subject above in connection with issuance upto 38,77,000 (Thirty-Eight Lakh Seventy Seven Thousand) Equity shares of Rs. 2/- (Rupees Two Only) each at an issue price of Rs. 346/- (Three Hundred and Forty-Six Only) including premium of Rs. 344/- (Rupees Three Hundred and Forty-Four Only) each per share, as determined by the Board of Directors by the provisions of Chapter V of SEBI ICDR Regulations, on a preferential basis to non-promoters.”
Ashish Kacholia shareholding
As per the shareholding pattern of Fineotex Chemical Ltd for the January to March 2024 quarter, Ashish Kacholia holds a significant stake in the company. His ownership of 31,35,568 company shares represents 2.83 percent of the total paid-up capital of the company, underscoring his substantial influence on the company’s direction and potential impact on its stock performance.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 13 May 2024, 01:26 PM IST
Reference :
Reference link
