# Ashish Kacholia, Vikas Khemani to get Venus Pipes shares in preferential issue; stock jumps 9% — retained record

> Retained news record from news:india-et-markets.

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-17 11:02 ingested 2026-09-18 02:56

[original source ↗](https://economictimes.indiatimes.com/markets/stocks/news/ashish-kacholia-vikas-khemani-to-get-venus-pipes-shares-in-preferential-issue-stock-jumps-9/articleshow/134309738.cms)

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The company will seek shareholder approval for the preferential allotment at its extraordinary general meeting on October 8, 2026.
Venus Pipes plans to issue up to 22.27 lakh shares at Rs 1,670 per share, including a premium of Rs 1,660 per share, aggregating to Rs 372 crore. The proposed issue will be made to non-promoter public investors on a preferential basis for cash.
Ashish Kacholia has been proposed an allotment of 1.79 lakh shares. Post-allotment, his holding will stand at 0.78% of the company’s post-issue share capital.
Vikas Khemani-linked Carnelian Bharat Amritkaal Fund has been proposed an allotment of 2.12 lakh shares, while Carnelian Bharat Amritkaal Fund-2 will receive 86,826 shares. Vikas Vijaykumar Khemani and Swati Vikas Khemani are the ultimate beneficial owners of the two Carnelian funds.
Other proposed allottees include WhiteOak Capital Equity Fund, WhiteOak Capital Equity Trust, WhiteOak Capital ELSS Tax Saver Fund, Tata Business Cycle Fund, Tata Multicap Fund and Kotak Mahindra Life Insurance Company.
The company said the preferential issue will not lead to any change in management or control. All proposed allottees are non-promoter entities.
The funds will mainly be used to cut debt. Venus Pipes plans to use Rs 344 crore from the issue proceeds for repayment or pre-payment of certain borrowings, including estimated prepayment charges and accrued interest, within six months. Another Rs 28 crore will be used for general corporate purposes.
The company has appointed CARE Ratings as the monitoring agency for the use of proceeds, as the issue size exceeds Rs 100 crore. The monitoring agency will submit quarterly reports until the proceeds are fully used.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.
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