Navin Fluorine board to discuss ₹750 crore fundraiser in meeting on June 29

The company said in an exchange filing that the proposed fundraiser will be carried out through the issuance of equity shares or any other instruments or securities through qualified institutional placement, private placement, public issue, preferential issue, or any other permissible mode or combination thereof.

Shares of Navin Fluorine gained nearly 1% in intraday during the morning trading session on Thursday, June 27. Opening at ₹3,600.00, marginally up from the previous close of ₹3,592.35, the stocks moved up to an intraday high of ₹3,620.15. The stocks closed at ₹3,660 per share, up 1.88% on NSE.

Earlier on May 7, the company informed the exchanges that it has recommended a final dividend of ₹7 per share for FY 2023-2024. It added that the record date for the payment of the final dividend will be July 5, 2024.

Navin Fluorine Ltd posted a decline in its consolidated revenue from operations for the financial year ended March 31, 2024. The company’s revenue from operations for the fourth quarter of FY24 fell nearly 14% to ₹601.95 crore compared to ₹697.1 crore in the preceding fiscal. The revenue from operations for the full fiscal year declined marginally by 0.59% to ₹2,065 crore compared to ₹2,077.4 crore in the preceding fiscal.

Navin Fluorine’s profit-after-tax for the March quarter of FY24 declined nearly 57% to ₹79.42 crore from ₹184.16 crore on a year-on-year basis. The PAT for the full fiscal year also fell over 32% to ₹335.54 crore against ₹495.88 crore in the year-ago period.