The board of INOX Leisure on Friday approved a preferential issue of a maximum 64 lakh equity shares to Gujarat Fluorochemicals, its promoter, at a price not less than the floor price, i.e. ₹241.71. The issue is subject to shareholders’ approval to be obtained through an EGM scheduled to be held on November 29, INOX said in a release. The funds will be used for strengthening the balance sheet of the company by reducing debt, improving leverage, enhancing borrowing power for future growth opportunities, and increasing the profitability, it added.

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