Vipul Organics announces fund-raise of Rs. 35,23,70,000/- through preferential allotment

Vipul Organics Limited, the BSE listed (VIPULORG / 530627) leading Specialty Chemicals company in the pigments and dyes segment, announced the successful issuance of 16,70,000 fully paid-up equity shares of the Company of face value of Rs. 10 each.

The preferential issue (on a private placement basis) was brought at an issue price of Rs. 211/- per equity share (including a securities premium of Rs. 201), aggregating up to Rs. Rs. 35,23,70,000/-. A total of 19 investors subscribed to the preferential issue in the non-promoter / non-promoter group category.

"The subscription of our Preferential Issue by HNI's shows the investor confidence in the future of our Company. We stand steadfast in our focus on creating value for all our pariners and shareholders and that is visible through our de-risking of our businesses and moving into newer product categories. We believe that this faith in our company by the investors will be rewarded by our innovation, research and business diversification. We are very excited about our latest venture - membrane technology and its implications in the Indian sustainabilty story. The proceeds of the preferential issue will help us expand our capacities without relying on debt for the purpose", says Mr. Vipul P Shah, MD, Vipul Organics Limited.

Shares of Vipul Organics Ltd was last trading in BSE at Rs. 197.00 as compared to the previous close of Rs. 196.50. The total number of shares traded during the day was 4888 in over 62 trades.

The stock hit an intraday high of Rs. 198.50 and intraday low of 193.60. The net turnover during the day was Rs. 961096.00.

Source : Equity Bulls

Keywords

VipulOrganics INE834D01018 SpecialtyChemicals FundRaising PreferentialAllotment