The intermediate specialized chemical manufacturer Sadhana Nitro Chem Ltd announced that it will build a green hydrogen facility for internal use and initiate a rights issue to earn up to Rs 50 crore.
In a regulatory filing, the company said it "will foray into land green energy for captive usage (self-consumption). The company will set up a green hydrogen facility, based on a solar plant and wind farm with a capacity of 15MW-20MW."
The board also approved a rights issue, subject to necessary approvals from regulatory authorities.
The rights shares are being offered at Rs 121 per share (a premium of Rs 120), and the company will look to raise up to Rs 49.95 crore.
The funds for the rights issue will be mainly used for the acquisition of a 126-acre land plot.