It has a very amazing story which goes like :
Shri Veneshwar Mahadev Temple dedicated to Lord Shiva is located just opposite the Somnath Trust Dharamshala Gate. As the legend goes, when Mahmud of Ghazni invaded Somnath in 1025 AD, the local king of Somnath gave a tough fight against his army. As the king was not surrendering, Mahmud of Ghazni had to hatch a new plan. He found out that the king had a daughter named Veni who used to pay a visit to a certain Shiva Temple stationed outside the fort wall of Prabhaspatan everyday. Mahmud of Ghazni decided that he would kidnap Veni and then force the king to yield.
As per the plan when Veni was offering homage at the feet of Lord Shiva, the soldiers of Mahmud of Ghazni attacked the temple. Veni immediately submitted herself to Lord Shiva and appealed the God to save her from the calamity. At that moment a miracle occurred and the Shiva Lingam was opened into two from the middle. The princess Veni was accumulated inside and the Lingam was closed. At that time a ‘Veni’ i.e. a strand of her hair was left out. Veni acquired the eternal salvation and Mahmud of Ghazni failed in his scheme.
The prints of the Veni as well as the marks of the Shiva Lingam being split open can still be seen on the Lingam of Shri Veneshwar Mahadev. The Lord Shiva of this temple receives its appellation Veneshwar after the name of Princess Veni.
Happy Mahashivratri !