Vikas Ecotech Ltd. has approved closure of QIP issue on June 12, 2023, post receipt of applications from eligible qualified institutional buyers. The company further determined the issue price at ₹2.80 per equity share. The company allotted 17,85,00,000 equity shares at the issue price. The company allotted equity shares in the present tranche to FPIs – AG Dynamic Funds Limited, Vikasa Global Fund PCC – Eubilia Capital Partners Fund – I and Calypso Global Investment Fund. Earlier, the board of directors had approved to raise funds via the QIP route.
In the extraordinary general meeting held in February 2023, the members had approved to raise ₹100 crore via QIP. It is the first tranche of QIP not exceeding ₹50 crore and the remaining amount of ₹50 crore will be raised by the company through subsequent tranches, if any, Vikas Ecotech said in an exchange filing. The company board had approved to raise ₹100 crore via QIP in the extraordinary general meeting held in February 2023.
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