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Corporate News

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(02 Dec 2023, 15:31)

Board of Sadhana Nitro Chem approves rights issue of Rs 49.95 cr

At meeting held on 02 December 2023

The Board of Sadhana Nitro Chem at its meeting held on 02 December 2023 has approved fund raising of up to Rs 49.95 crore by way of rights issue of shares. The funds would be utilised for acquisition of a 126-acre plot of land.

This land will be strategically employed for the establishment of both a solar power facility and a wind energy installation. These sustainable energy sources will be harnessed to generate electricity, which, in turn, will be utilised for the production of green hydrogen via water electrolysis, all within the confines of the same property.

The Board also approved increase in authorised share capital from Rs 30 crore to Rs 60 crore.

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