Vikash EcoTech is likely to raise funds via multiples means. The company board has approved the fundraising plans on Monday, it said in an exchange filing. The smallcap company is looking to raise up to Rs 150 crore, the company said.
Vikash EcoTech is looking to raise funds via issuance of equity shares, other convertible securities, warrants and bonds or any combination thereof through QIP, FCCB, ADRs for an aggregate amount not exceeding Rs 100 crore, said the company. Also, the company is also planning to mop Rs 50 crore via rights issue, it added.
Vikas EcoTech’s shares have delivered multibagger returns to the investors in the last three years as the stock has rallied 450 per cent from Rs 0.60 level to Rs 3.4 on Tuesday. However, the stock has disappointed the investors in the short term.
Shares of Vikas Ecotech have lost more than half of its value from its 52-week high at Rs 6.9 on January 31, 2022. Even in the last six months, the stock is down by 10 per cent.
Vikas EcoTech’s board has called for an extra-ordinary general meeting (EGM) on February 27, 2023 for taking approval of all shareholders as per the provisions of the Companies Act, 2013 for the fundraising plans.
Vikas EcoTech’s reported a net profit at Rs 2.78 crore with a total revenue from operations at Rs 112.14 crore for the quarter ended on December 31, 2022. For the nine months ended December 2022, it clocked a net profit at Rs 7.77 crore with a revenue from operations at 334.34 crore.
New Delhi headquartered Vikas Ecotech is engaged in the business of specialty 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.
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