Vishnu Chemicals completes Rs 200 crore fund raising via QIP

Specialty chemicals maker Vishnu Chemicals Ltd on Monday said it has raised Rs 200 crore via qualified institutions placement (QIP) of its equity shares.

On August 1, the fund-raising committee approved the allotment of 57,97,095 equity shares of face value of Rs 2 at an issue price of Rs 345 per share.

In a regulatory filing, Vishnu Chemicals said its first-ever QIP has witnessed a "strong response" from marquee domestic and foreign institutional investors.

"We are pleased to announce the successful closure of QIP of Rs 200 crore," Vishnu Chemicals Chairman and Managing Director Krishna Murthy Cherukuri said.

This investment marks a pivotal moment in the journey of Vishnu Chemicals. 

It also demonstrates the support of bluechip investors in the business model of our company, he added.

The company's Joint Managing Director Siddartha Cherukuri said, "The response to the QIP has been extremely encouraging. We thank our investors for reposing their trust in us." 

Emkay Global Financial Services Ltd was the sole book-running lead manager for the QIP, while Crawford Bayley & Co was the legal counsel.