Venus Pipes & Tubes Ltd marks successful completion of INR 71.4 crores Equity Infusion

Venus Pipes & Tubes Ltd, a leading manufacturer of stainless steel pipes and tubes, has announced that, further to its earlier intimation on February 28, 2024, regarding fund-raising through a preferential issue of warrants to promoter & non promoter entity to support the planned expansion, the company has now received the final tranche of payment from the allotted participant. This marks the successful conversion of 4,20,000 warrants into equity shares at an issue price of ₹1,700 per share, amounting to a total value of ₹71.4 crore. This underscores the Promoter Group's strong and consistent confidence in VENUS's long-term growth potential and strategic direction.

Commenting on the same, Arun Kothari, Chairman & Managing Director of Venus Pipes & Tubes Limited, said, "We are pleased to announce the successful completion of this fund infusion, reinforcing our commitment to Venus's continued growth and success. This investment will support the planned capex, bolster the company's financial strength, fuel growth, and improve operational capabilities. With this momentum, we are well-equipped to capitalize on new opportunities and consistently deliver value to our customers and stakeholders."

Shares of Venus Pipes & Tubes Limited was last trading in BSE at Rs. 1313.95 as compared to the previous close of Rs. 1291.40. The total number of shares traded during the day was 23374 in over 1794 trades.

The stock hit an intraday high of Rs. 1349.00 and intraday low of 1291.45. The net turnover during the day was Rs. 30866645.00.

Source : Equity Bulls

Keywords

VenusPipesandTubes INE0JA001018 FundRaising EquityInfusion