Hyderabad-based Vishnu Chemicals is looking to raise up to Rs 400 crore via QIP (qualified institutional placement), a senior executive with direct knowledge of the fundraising plans said.

The company’s board is set to meet on Friday to give a go ahead.

The specialty chemical maker is looking to raise the funds within the next two quarters and has roped in Emkay Financial Services as advisor for the same, the person quoted above said, requesting anonymity.

The firm will use the proceeds for expansion, capital expenditure and setting up new facilities, according to the source.

Vishnu Global is a maker and supplier of chemicals for international firms in the steel, glass, pharmaceutical, pigments and dyes, leather and related sectors for three decades. It caters to more than 60 countries in major geographies including Asia, China, South East Asia, Europe, the United Kingdom, North, South, and Central America, and Africa.

The company manufactures barium and chromium compounds, including sodium dichromate, potassium dichromate, basic chromium sulphate and yellow sodium sulphate. It is also the sole manufacturer of a variety of chromium-based chemicals in Southeast Asia.

It has two manufacturing facilities in Andhra Pradesh, one in Telangana and one in Chhattisgarh.

Its chromium business accounts for about 86% of its total revenue, and the remaining comes from Barium Chemicals.

Three-fourth the company is held by the promoters of the company which includes Krishna Murthy, who is also the co-founder.

Vishnu Chemicals, which first listed on the exchanges in 2015, has produced multibagger returns in the past. The stock is up about 9.5% in the last one year, currently trading at Rs 277.

The company’s revenue from operations grew 58% to Rs 906.7 crore in the financial year (FY) 2022. It had reported a profit of Rs 65.2 crore in FY22, which jumped over 2.9X over the previous year.