Venus Pipes and Tubes shares hit 52-week high after board approves ₹372 crore preferential issue

Shares of Venus Pipes and Tubes gained 8% and hit a fresh 52-week high on Thursday, September 17, after the company said its board approved the proposal to raise up to ₹372 crore via preferential issue of equity shares.

The company, in an exchange filing on Wednesday, said its board, at its meeting, approved the preferential allotment of 22.27 lakh equity shares of face value ₹10 on a private placement basis. The price of the issue of shares was fixed at ₹1,670 per share, taking the total fund raise value to ₹372 crore.

The preferential issue will involve 18 non-promoter investors, including Ashish Kacholia, Whiteoak Capital Fund, Tata Business Cycle Fund, Tata Multicap Fund, Kotak Mahindra Life Insurance Company, Ashoka Whiteoak ICAV - Ashoka Whiteoak India Opportunities Fund, India Accorn Fund, Whiteoak Capital India Opportunities Fund, among others.

The Tata Multicap Fund has been issued 89,820 equity shares worth ₹15 crore, while allottee Ashish Kacholia has been issued for 1.79 lakh equity shares up to ₹30 crore. Kitara PIIN 2401 has been issued the highest number of shares, up to 2.99 lakh equity shares worth ₹50 crore.

Prior to the preferential issue, as on September 11, 2026, promoter entities held 48.41% stake in the company whole public shareholding comprised 51.59%. Post the issue, promoter entities will hold 43.71% stake and public shareholders will hold 56.29% stake in the company.

Shares of Venus Pipes & Tubes gained as much as 8% to hit an intraday high of ₹2,095 on Thursday. The stock is currently trading 6.4% higher at ₹2,062, and has extended its year-to-date advance to nearly 80%. The stock has gained nearly 30% so far in the last one month.

Also Read: RailTel Corp shares gain up to 5% after winning order worth ₹63 crore from Prasar Bharti