Citichem India Ltd Withdraws Proposed Preferential Issue of Convertible Warrants Due to Adverse Market Conditions

Citichem India Ltd has decided to withdraw its proposed preferential issue of convertible warrants due to prevailing adverse market conditions and continued volatility. The company's board of directors had earlier approved the proposal, and shareholders had also accorded their approval at the Extraordinary General Meeting. However, the company did not receive in-principle approval from BSE Limited. The withdrawal of the proposed preferential issue will not have a material impact on the company's business operations or financial position. The company may consider alternative fund-raising options in compliance with applicable laws.