Vishnu Chemicals raises ₹200 crore through QIP

August 07, 2023 09:38 pm | Updated 09:38 pm IST - HYDERABAD

Speciality chemicals maker Vishnu Chemicals has raised ₹200 crore through a qualified institutional placement (QIP).

On August 1, the fundraising committee had approved the allotment of 57,97,095 equity shares of face value of ₹2 each at an issue price of ₹345 per share, the company said on Monday in a release on successful completion of the fundraise through QIP.

Franklin India Smaller Companies Fund, Aditya Birla Sun Life Insurance Company, ITI Mutual Fund and Bandhan Mutual Fund, among others, took part in the issue and were allocated more than 5% of the offered equity shares, it said. Vishnu Chemicals is a leading manufacturer of chromium and barium-based speciality chemicals.

“This investment marks a pivotal moment in the journey of Vishnu Chemicals... demonstrates support of blue chip investors in the business model of our company,” CMD Krishna Murthy Cherukuri said. Joint MD Siddartha Cherukuri said “the response to the QIP has been extremely encouraging.”

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