Fluorine chemicals manufacturer TANFAC Industries Ltd. has raised ₹423.50 crore through a Qualified Institutional Placement (QIP) and a proposed preferential issue to fund capacity expansion and strategic growth initiatives.
The company raised ₹250 crore through the QIP, while its Board has approved a preferential issue of ₹173.50 crore through the allotment of 7,41,082 equity shares at an issue price of ₹2,341 per share.
Promoter Participation
The preferential issue will see promoter Anupam Rasayan India invest ₹135 crore.
The remaining amount will be subscribed by institutional investors, including Alrox Enterprises Pvt. Ltd., Vivek Jain of Action Group and Tatvam Trade (Niveshaay Investments).
Upon completion of the preferential issue, TANFAC’s paid-up equity share capital will increase from 2.12 crore equity shares to 2.19 crore equity shares.
Expansion Plans
The company said the capital infusion would strengthen its balance sheet and support its next phase of growth.
The proceeds will be utilised to strengthen TANFAC’s presence in the R-32 refrigerant gas segment and expand its portfolio of value-added fluorochemical products.
The funds will also support capacity expansion projects and strategic investments aimed at enhancing scale and manufacturing capabilities.
Management comment
TANFAC Industries, Managing Director, Afzal Malkani, said, “The successful completion of the QIP, followed by the proposed preferential issue, marks a significant milestone in TANFAC’s growth journey.”
“Together, these capital raises will strengthen our financial position and enhance our ability to execute our planned investments while maintaining a prudent capital structure and creating long-term value for all stakeholders,” he said.