Vinati Organics has subscribed to the additional 1,98,80,000 fully paid-up equity shares of the face value of Rs 10 each at par, amounting to Rs 19.88 crore by way of subscription towards the rights issue of Veeral Organics (VOPL), a Wholly Owned Subsidiary of the Company, and the issued shares rank pari-passu to existing equity shares of Veeral Organics.
The main business object of Veeral Organics is the manufacturing of Organics Fine Specialty Chemicals which is in line with the business of Vinati Organics. The said investment will not cause any change in the percentage of the Shareholding of the company in VOPL. VOPL will continue to remain a 100% wholly-owned subsidiary of the company.
Vinati Organics, established in 1989, is a specialty chemical company, focusing on manufacturing specialty chemicals and organic intermediaries.
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