Vishnu Chemicals plans to raise Rs400 crore through QIP | Mint
Active Stocks
Wed Feb 28 2024 09:29:00
  1. Tata Motors share price
  2. 974.75 1.25%
  1. Tata Steel share price
  2. 144.50 0.24%
  1. Power Grid Corporation Of India share price
  2. 292.40 -0.03%
  1. HDFC Bank share price
  2. 1,419.65 -0.06%
  1. ITC share price
  2. 410.65 -0.12%
Business News/ Companies / News/  Vishnu Chemicals plans to raise Rs400 crore through QIP
BackBack

Vishnu Chemicals plans to raise Rs400 crore through QIP

The specialty chemical maker is looking to raise the funds within the next two quarters and has roped in Emkay Financial Services as advisor for the same

Vishnu Chemicals, which first listed on the exchanges in 2015, has produced multibagger returns in the past. The stock is up about 9.5% in the last one year, currently trading at ₹277. (AP)Premium
Vishnu Chemicals, which first listed on the exchanges in 2015, has produced multibagger returns in the past. The stock is up about 9.5% in the last one year, currently trading at 277. (AP)

Hyderabad-based Vishnu Chemicals is looking to raise up to 400 crore via QIP (qualified institutional placement), a senior executive with direct knowledge of the fundraising plans told Mint.

 The company’s board is set to meet on Friday to give a go ahead.

The specialty chemical maker is looking to raise the funds within the next two quarters and has roped in Emkay Financial Services as advisor for the same, the person quoted above said, requesting anonymity.

The company will use the proceeds for expansion, capital expenditure and setting up new facilities, according to the source.

Vishnu Chemicals did not respond to Mint’s queries before press time. Emkay Global said it did not comment on market speculation.

Vishnu Global is a maker and supplier of chemicals for international firms in the steel, glass, pharmaceutical, pigments and dyes, leather and related sectors for three decades. It caters to more than 60 countries in major geographies including Asia, China, South East Asia, Europe, the United Kingdom, North, South, and Central America, and Africa.

 The company manufactures barium and chromium compounds, including sodium dichromate, potassium dichromate, basic chromium sulphate and yellow sodium sulphate. It is also the sole manufacturer of a variety of chromium-based chemicals in Southeast Asia.

It has two manufacturing facilities in Andhra Pradesh, one in Telangana and one in Chhattisgarh.

Its chromium business accounts for about 86% of its total revenue, and the remaining comes from Barium Chemicals.

Three-fourth the company is held by the promoters of the company which includes Krishna Murthy, who is also the co-founder.

Vishnu Chemicals, which first listed on the exchanges in 2015, has produced multibagger returns in the past. The stock is up about 9.5% in the last one year, currently trading at 277.  

The company’s revenue from operations grew 58% to 906.7 crore in the financial year (FY) 2022. It had reported a profit of 65.2 crore in FY22, which jumped over 2.9X over the previous year. 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 08 Feb 2023, 09:37 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App