Fine Organic Industries Limited shared that the company invested ₹6 crore in Non-Convertible, Non-Cumulative, Non-Participating, Redeemable Preference Shares. These shares, with a face value of ₹10 each, were issued by their wholly-owned subsidiary, Fine Organic Industries (SEZ) Private Limited. The total investment is of ₹60 crore.
Fine Organic Industries highlighted that the objective of this investment is to support the wholly-owned subsidiary in setting up a manufacturing unit in the specialty chemicals sector. The acquired entity, Fine Organic Industries (SEZ) Private Limited, was incorporated on October 10, 2023, and has not commenced its operations yet.
With this move, Fine Organic Industries Limited now holds 100 per cent of the shareholding and control of Fine Organic Industries (SEZ) Private Limited. The shares were down 1.4 per cent to ₹4,985.20 at 11.06 am on the BSE.