Vishnu Chemicals, manufacturers of Chromium and Barium based speciality chemicals, announced the successful completion of a fundraise of Rs 200 crore through a qualified institutions placement (QIP) of its equity shares. “The Fund-Raising Committee at its meeting held on August 1, 2023, approved the allotment of 57,97,095 equity shares of face value of Rs 2 at an issue price of Rs 345 per share,” it said in a regulatory filing.
It said that its first ever QIP witnessed a strong response from marquee domestic and foreign institutional investors. While Emkay Global Financial Services was the sole book running lead manager for the QIP, Crawford Bayley & Co was the legal counsel to the QIP.
Investors who took part in the issue included Franklin India Smaller Companies Fund, Aditya Birla Sun Life Insurance Company Limited, ITI Mutual Fund, and Bandhan Mutual Fund, among others, and were allocated more than 5 per cent of the offered equity shares.
“We are pleased to announce the successful closure of QIP of Rs 200 crore. This investment marks a pivotal moment in the journey of Vishnu Chemicals. It underscores our commitment to our focus on manufacturing. This demonstrates the support of blue chip investors in the business model of our company,” said Krishna Murthy Cherukuri, Chairman and Managing Director of Vishnu Chemicals Limited.
Announcing the completion of the issue, Siddartha Cherukuri, Joint Managing Director, Vishnu Chemicals, said, “The response to the QIP has been extremely encouraging. We thank our investors for reposing their trust in us.”