Fineotex Chemical Allots 50 Lakh Shares After Warrant Conversion; Stock Sees Mixed Trading

Fineotex Chemical Ltd has allotted 50 lakh equity shares at Rs 38.74 each following the conversion of 5 lakh warrants issued at Rs 387.40 apiece on a preferential basis to non-promoter entities. The stock, valued at around Rs 2,608.87 crore market cap, opened higher but later declined amid profit booking. Investor Ashish Kacholia holds a 2.6% stake in the company. The stock trades below key moving averages with a 14-day RSI of 36.52.