Venus Pipes and Tubes shares touched a fresh 52-week high today after its board approved a Rs 372 crore preferential issue.

Let’s break down what happened. The board approved issuing around 22.28 lakh equity shares at Rs 1,670 apiece, taking the total fund raise to Rs 372 crore.

The exact figure works out to Rs 3,71,99,98,480, which the company has rounded off to Rs 372 crore in its filing. This preferential issue will bring in 18 non promoter investors.

Some well known names on the list include Ashish Kacholia, WhiteOak Capital funds, Tata Business Cycle Fund, Tata Multicap Fund and Kotak Mahindra Life Insurance Company.

Kitara PIIN 2401 has been allotted the largest chunk, worth up to Rs 50 crore. Once this issue goes through, the company’s total equity share count will rise from around 2.07 crore shares to 2.29 crore shares.

As a result, promoter holding will come down from 48.41% to 43.71%, while public shareholding will go up from 51.59% to 56.29%.

Shareholders will need to give their final approval at an extraordinary general meeting scheduled for 8 October, with 1 October fixed as the cut off date for voting eligibility.

Until then, the deal remains subject to the usual regulatory clearances. On the business side, Venus Pipes reported a 16.3% year on year rise in revenue for the June 2026 quarter, while net profit grew a modest 4%.

The company’s order book has also expanded sharply in recent quarters, supported by steady demand for its stainless steel pipes and tubes across sectors like oil and gas, petrochemicals and pharmaceuticals.

Coming back to today’s session, Venus Pipes and Tubes shares closed at Rs 2,131.70 on the NSE, up 9.99% for the day, after moving between a low of Rs 1,941.20 and a high of Rs 2,160.

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