Vikas EcoTech has informed that with the support of the promoters, the Company has paid another trench of Rs 120 million to reduce its’ bank debt, in the PhaseII of Debt-Reduction Program, making it Rs. 220 million bank-debt repaid of the Rs. 350 million bank debt repayment envisioned for the current fiscal. After completion of this phase, bank-debt shall get reduced by approx. 40% from the peak exposure, paving the way towards becoming a ‘ZERO debt company’ in the next financial year i.e. 2022-23. Further, promoters of the Company have intended to get their financial assistance/unsecured loans, provided for debt reduction program, converted into equity at appropriate stage after obtaining statutory approvals.
The above information is a part of company’s filings submitted to BSE.
