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.
