Vishnu Chemicals gains on completing fund raise of Rs 200 crore through QIP
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Vishnu Chemicals is currently trading at Rs. 347.55, up by 2.45 points or 0.71% from its previous closing of Rs. 345.10 on the BSE.
The scrip opened at Rs. 343.20 and has touched a high and low of Rs. 352.35 and Rs. 343.20 respectively. So far 5582 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 429.40 on 08-Sep-2022 and a 52 week low of Rs. 245.05 on 06-Mar-2023.
Last one week high and low of the scrip stood at Rs. 367.00 and Rs. 342.05 respectively. The current market cap of the company is Rs. 2280.35 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 0.46% and 24.54% respectively.
Vishnu Chemicals has successfully completed its fund raise 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.
The first-ever QIP of the company witnessed a strong response from marquee domestic and foreign institutional investors. Emkay Global Financial Services was the sole book running lead manager for the QIP. Crawford Bayley & Co was the legal counsel to the QIP.
Vishnu Chemicals pioneered manufacturing chrome chemicals like sodium dichromate, potassium dichromate, basic chromium sulphate and yellow sodium sulphate at its plants in Medak
