Vishnu Chemicals Limited, leading manufacturers of Chromium and Barium based speciality chemicals, has announced the successful completion of 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 Limited was the sole book running lead manager for the QIP. Crawford Bayley & Co was the legal counsel to the QIP.

Speaking on the overwhelming response, Krishna Murthy Cherukuri, Chairman and Managing Director of Vishnu Chemicals Limited said," 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."

Announcing the completion of the issue, Siddartha Cherukuri, Joint Managing Director of Vishnu Chemicals Limited said, "The response to the QIP has been extremely encouraging. We thank our investors for reposing their trust in us."