Vikas Ecotech, a number one supplier of high-end specialty chemicals, has introduced that the board has authorised Qualified Institutional Placement (QIP). It is a technique whereby a agency issue shares to the general public with out going by way of regulatory compliance.
The issue amounting not exceeding to Rs 100 crore was authorised by the board at an extra-ordinary normal assembly in February, in line with an alternate submitting. Under the primary trench, the corporate will increase an quantity not exceeding Rs 50 crore, the corporate stated in an alternate submitting on Thursday. The remaining quantity of Rs 50 crore might be raised by way of second/subsequent tranches, if any, it added.
“Approved the floor price for the issue, being Rs 2.92 per equity share, based on the pricing formula as prescribed under the SEBI Regulations,” it stated.
Earlier, the Delhi-based agency had launched its quarterly earnings for the March 2023 interval. It posted internet gross sales at Rs 57.20 crore. In the corresponding interval of earlier monetary 12 months, the corporate’s internet gross sales was 55.59 crore. The internet revenue elevated by 8 per cent to Rs 3.5 crore.Â
It additionally lower its debt considerably final month as a part of debt-reduction plan and goals to change into a debt-free by the tip of the monetary 12 months 2023-24. Its R&D Division is a Department of Scientific & Industrial Research (DSIR) recognised heart of the Ministry of Science & Technology.
The agency operates within the specialty chemical trade. It provides its merchandise to a wide range of industries together with agriculture, automotives, cables, electricals, hygiene, healthcare, polymers, packaging, textiles and footwear. As per the shareholding patter, promoters maintain 9.3 per cent stake within the firm whereas the remaining 90.6 per cent is owned by the general public.
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