NML approves ₹76.8 Cr preferential issue of 7.2 lakh shares to MIL

Neogen Chemicals Ltd's step-down subsidiary, Neogen Morita New Materials Limited (NML), has approved the issuance of 7,20,000 equity shares on a preferential basis. The shares, with a face value of ₹10 each, will be issued at a price of ₹1,066.66 per share, including a premium of ₹1,056.66. The total issue size amounts to ₹76.80 crore. The allottee is Morita Investment Limited (MIL), a wholly-owned subsidiary of Morita Chemicals Industries Co. Limited, in accordance with a Joint Venture Agreement. This issuance was approved by the Board of NML and subsequently by its shareholders at an Extra-Ordinary General Meeting. Post-allotment, Morita Investment Limited will hold a 9.09% stake in NML.