Vipul Organics Secures Rs 35.24 Crore in Strategic Equity Boost

Vipul Organics Ltd, a prominent player in the speciality chemicals sector, announced on Tuesday that it has successfully raised Rs 35.24 crore. This capital was secured through a preferential equity issue aimed at high-net-worth individuals.

The nearly 1.67 million fully paid-up shares, valued at Rs 10 each, were issued at an enticing price of Rs 211, which includes a significant securities premium. This move, said the company, attracted 19 investors outside the promoter category.

Managing Director Vipul P Shah expressed confidence in the company's future, noting the vote of confidence from investors. The funds are earmarked for capacity expansion and business diversification into membrane technology, without accruing additional debt.

(With inputs from agencies.)