Pondy Oxides and Chemicals Ltd. has received board approval to raise up to ₹250 crore through qualified institutional placements (QIP). The funds will be raised in one or more tranches. A fundraising committee, which includes Chairman and Managing Director Ashish Bansal, Director of Finance K Kumaravel, and CFO B Vijay, has been formed to oversee the process. The company will hold an extraordinary general meeting on October 25, 2024, to seek shareholder approval for the QIP.
Additionally, the company has set October 16, 2024, as the record date for a 1:2 stock split. Each existing share with a face value of ₹10 will be split into two shares with a face value of ₹5. This move, approved during the annual general meeting on September 18, 2024, ensures all shares will carry equal rights.
Pondy Oxides also announced the appointment of RS Vaidhyanathan as the executive director and senior management personnel, effective from September 23, 2024. Following these announcements, the company’s shares saw a 3.03% rise, trading at ₹2,095.00 on the NSE as of 9:26 AM.
