2 days ago
Neogen Chemicals board approves Rs 200 crore fundraise via NCDs
Neogen Chemicals Limited has announced that its Board of Directors approved a fundraise of up to ₹200 crore through the issuance of fully paid, secured, listed, rated, redeemable, rupee-denominated non-convertible debentures (NCDs) on a private placement basis. These NCDs will have a tenure of up to 36 months and will be listed on BSE. Interest will be paid monthly, and the issuance will be secured by a subservient charge via hypothecation and mortgage.
In a related development, Neogen received a compliance notice from BSE and NSE for non-mention of Regulation 17(1A) during the re-appointment of an independent director aged over 75 years. Although the re-appointment had already been approved via a special resolution at the 34th AGM held on September 5, 2023, both exchanges levied fines amounting to ₹3,61,080 each. The company has paid the fines and initiated corrective action through a postal ballot to reaffirm shareholder approval for the director's continuation.
Neogen emphasized that the matter had no operational or financial impact on the company apart from the penalties. The official filings and disclosures are available on the company's website and stock exchange portals.
Ahmedabad Plane Crash
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
