Vipul Organics raises Rs 350.24 mn through preferential allotment

A total of 19 investors from the non-promoter/non-promoter group category subscribed to the issue.

Vipul Organics, a leading specialty chemicals company in the pigments and dyes segment, has successfully issued 16,70,000 fully paid-up equity shares of face value Rs 10 each through a preferential allotment.

The shares were issued at Rs 211 per share (including a securities premium of Rs 201), raising a total of Rs 35,23,70,000. A total of 19 investors from the non-promoter/non-promoter group category subscribed to the issue.

Commenting on the fund-raise, Vipul P Shah, MD, said, “The strong subscription of our preferential issue reflects investor confidence in our company. This fund-raise will enable us to expand capacities without relying on debt and support our innovation, research, and business diversification, including our latest venture into membrane technology, which plays a role in India’s sustainability story.”