Vishnu Chemicals, a manufacturer of chromium and barium-based speciality chemicals, successfully completed a fundraise of ₹200 crore through a qualified institutions placement (QIP) of its equity shares. “We are pleased to announce the successful closure of QIP of ₹200 crore. This investment marks a pivotal moment in the journey of Vishnu Chemicals,’‘ Krishna Murthy Cherukuri, Chairman and Managing Director, Vishnu Chemicals said in a release on Monday.
The fundraising committee at its meeting held on August 1, 2023, approved the allotment of 57,97,095 equity shares of face value of ₹2 at an issue price of ₹345 per share. The first-ever QIP of the company witnessed a response from marquee domestic and foreign institutional investors. Emkay Global Financial Services Limited was the sole book running lead manager for the QIP. Crawford Bayley & Co was the legal counsel to the QIP.
Investors such as Franklin India Smaller Companies Fund, Aditya Birla Sun Life Insurance Company Limited, ITI Mutual Fund, and Bandhan Mutual Fund, among others, took part in the issue and were allocated more than 5 per cent of the offered equity shares..
- Also read: Vishnu Chemicals Q4 PAT jumps 25%