Vikas Ecotech inches up on planning to raise Rs 100 crore through QIP route
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Vikas EcoTech is currently trading at Rs. 2.99, up by 0.02 points or 0.67% from its previous closing of Rs. 2.97 on the BSE.
The scrip opened at Rs. 3.01 and has touched a high and low of Rs. 3.05 and Rs. 2.97 respectively. So far 1201004 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 4.48 on 10-Jun-2022 and a 52 week low of Rs. 2.38 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 3.10 and Rs. 2.95 respectively. The current market cap of the company is Rs. 284.88 crore.
The promoters holding in the company stood at 9.33%, while Institutions and Non-Institutions held 0.03% and 90.64% respectively.
Vikas Ecotech has planned to raise Rs 100 crore through qualified institutional placement (QIP) route. The proceeds from the QIP issue, which opened on May 31, will be utilised to expand its business and fund working capital requirement.
A proposal in this regard was approved by the board of the company at its meeting recently. The board has approved the first tranche of QIP not exceeding Rs 50 crore and the remaining amount of Rs 50 crore through second/subsequent tranches.
Vikas Ecotech is engaged in the business of Speciality Polymers & Specialty Additives and Chemicals for Plastics & Rubbers industries, catering to a wide horizon of applications in Agriculture, Infrastructure, packaging, electrical, footwear, pharmaceuticals, automotive, medical devices and components and other consumer goods.
