Vipul Organics plans to raise Rs 25 crore via rights issue to fund expansion projects, including a new plant in Gujarat. The company will offer one share for every three shares held, priced at Rs 54 per share.
New Delhi, Sep 30 (PTI) Specialty chemicals maker Vipul Organics on Monday said it plans to raise Rs 25 crore through a rights issue to fund its expansion projects.
The company will offer one share for every three shares held, priced at Rs 54 per share, a Rs 44 premium over its Rs 10 face value, it said in a statement.
"The funds raised will be utilized to ensure development of the Sayakha facility," Vipul Organics Managing Director Vipul P Shah said, referring to its new plant in Gujarat.
Production at the site is expected to begin in phases from the first quarter of 2025-2026.
The rights issue price represents a "substantial discount" to the current market price, Shah said.
Vipul Organics recently completed a capacity expansion at its Ambernath facility in Maharashtra. The company, which exports to over 45 countries, reported revenue of Rs 151 crore for the 2023-24 financial year.
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