Vikas Ecotech, a number one supplier of high-end specialty chemical substances, has raised about Rs 50 crore through Qualified Institutional Placement (QIP) route, the corporate stated in an trade submitting. The issue stands closed now.
The issue was decided at Rs 2.80 apiece, a reduction of round 4 per cent in contrast to its flooring worth of Rs 2.92 per share. QIP is a technique whereby a agency issue shares to the general public with out going through regulatory compliance.
It allotted a complete of 17.85 crore fairness shares to certified institutional consumers, amounting to Rs 49.98 crore.
As per the submitting, it allottees embody AG Dynamic Funds, Vikasa Global Fund PCC- Eubilia Capital Partners Fund-I and Calypso Global Investment Fund. The funds mobilized through QIP route might be utilised to broaden its enterprise and fund working capital requirement.
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Earlier, the corporate had knowledgeable that it goals to increase Rs 100 crore through the issue. Under the primary trench, the corporate has raised Rs 50 crore whereas the remaining Rs 50 crore might be raised through second/subsequent tranches.
The Delhi-based agency had posted a internet gross sales at Rs 57.20 crore within the March 2023 quarter. It has additionally minimize debt considerably month as a part of debt-reduction plan and goals to turn into a debt-free by the tip of the monetary yr 2023-24.
Its R&D Division is a Department of Scientific & Industrial Research (DSIR) recognised heart of the Ministry of Science & Technology.
Vikas Ecotech is increasing its enterprise portfolio by manufacturing metal pipes and MDPE (medium-density polyethene) pipes. Last month, the corporate forayed into the true property sector for improvement of economic and residential tasks in Gurugram, Haryana.
The agency operates within the specialty chemical business. It provides its merchandise to quite a lot 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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