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Business News/ Markets / Stock Markets/  Penny stock Vikas Ecotech surges 4% as Board to raise funds via QIP issue

Vikas Ecotech rallies 4% today after it plans to raise funds via QIP issue. The Board of Directors of the Vikas Ecotech said they have approved size of present trench (being 1st Tranche of QIP not exceeding to 500 million and the remaining amount of 500 million will be raised by the Company through second/subsequent tranches, if any). Issue amounting not exceeding to 1000 Million as approved by the members in Extra- Ordinary General Meeting dated February 27, 2023.

The company has fixed floor price for the Issue, being 2.92 per share. “The ‘relevant date’ for the purpose of the Issue, in terms of Regulation 171(b)(i) of the SEBI ICDR Regulations, is May 31, 2023, and the Floor Price in respect of the Issue has been determined according to the same, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations," said Vikas Ecotech in a stock exchange filing.

“The Issue price will be determined by the Company in consultation with the book running lead managers appointed for the Issue. Further, pursuant to Regulation 176(1) of the SEBI ICDR Regulations and in accordance with the approval of the Shareholders accorded through a special resolution passed on February 27, 2023, through Extra ordinary general meeting, the Company may at its discretion offer a discount of not more than 5% on the floor price for the Issue," said Vikas Ecotech in a statement.

The shares of Vikas EcoTech was seen trading on the NSE at 2.95 apiece while writing this copy.

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Updated: 01 Jun 2023, 02:41 PM IST
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