Vipul Organics raises Rs 35.24 crore through preferential share issue

New Delhi, Oct 7 (PTI) Vipul Organics Ltd, a speciality chemicals company, on Tuesday said it has raised Rs 35.24 crore through a preferential issue of equity shares to high-net-worth individuals.

The company issued 1.67 million fully paid-up equity shares with a face value of Rs 10 each at an issue price of Rs 211 per share, including a securities premium of Rs 201, the pigments and dyes manufacturer said in a statement.

A total of 19 investors from the non-promoter category subscribed to the private placement, it added.

"The subscription of our preferential issue by HNIs shows the investor confidence in the future of our company," Vipul Organics Managing Director Vipul P Shah said in the statement.

The company plans to use the proceeds to expand capacity without taking on additional debt, Shah said.

Vipul Organics is also venturing into membrane technology as part of its business diversification strategy. PTI LUX BAL BAL