TANFAC raises ₹250 crore through sale of shares to institutions

Fluorine chemical manufacturer TANFAC Industries has said that it has raised ₹250 crore in equity capital through a Qualified Institutional Placement (QIP).

The issue opened on 23 June and closed in two days. Shares were issued at ₹1,985.83 each, a 5 per cent discount to the floor price of ₹2,090.34. Investors included Motilal Oswal (Mutual Fund & AIF), Malabar Investments, 360One, Niveshaay Funds and Bengal Finance and Investment.

TANFAC Industries, promoted by Anupam Rasayan India and the Tamil Nadu Industrial Development Corporation, is a manufacturer of hydrofluoric acid and its derivatives, with a facility in Cuddalore, Tamil Nadu. The company has said that it aims to strengthen its presence in the refrigerant gas segment and expand its portfolio of value-added fluorochemical products.

The Book Running Lead Managers (BRLMs) to the QIP issue were Motilal Oswal Investment Advisors and Emkay Global Financial Services. Shardul Amarchand Mangaldas & Co. acted as the legal counsel to the Company, while Trilegal acted as the legal counsel to the lead managers.