Penny Stock under Rs 5: This micro-cap company allots 16,12,80,000 equity shares via QIP to Foreign Institutional Investors (FIIs)!
Penny Stock under Rs 5: This micro-cap company allots 16,12,80,000 equity shares via QIP to Foreign Institutional Investors (FIIs)!
Vikas Ecotech Ltd has closed its Qualified Institutions Placement (QIP) issue today, September 13, 2023. The issue price has been determined at Rs 3.10 per equity share (including a premium of Rs 2.10 per Equity Share), with a floor price of Rs 2.95 per equity share. The total number of equity shares allotted is 16,12,80,000 equity shares via QIP to Foreign Institutional Investors (FIIs).
Following is the list of FIIs to which the shares are allotted:
|
Name of the Allottee
|
Total shares Allotted
|
% of Total Issue Size
|
|
Radiant Global Fund
|
5,50,00,000
|
34.1
|
|
Forbes EMF
|
5,31,55,000
|
32.96
|
|
Minerva Ventures Fund
|
5,31,25,000
|
32.94
|
|
Total
|
16,12,80,000
|
100
|
Earlier, the company had set a goal to be a debt-free business by March 31, 2024, and in due compliance with the targeted amount in Phase 1 of the Debt Reduction Program which was initiated in August – September 2021. The company has re-paid Rs 1,052 million to the bankers since then; thus, reducing the total bank debt from the peak of Rs 1,612 million approx. to about Rs 550 million currently, making a 66 per cent reduction from the peak level within 24 months of initiating the process.
Established in 1984, Vikas Ecotech Limited is primarily engaged in the business of manufacturing speciality chemicals focused on additives and speciality polymer compounds.
On Wednesday, shares of Vikas Ecotech Ltd plunged 3.59 per cent to Rs 4.03 per share from its previous closing of Rs 4.18. The stock’s intraday high was Rs 4.22 and its intraday low was Rs 3.78.
From 0.36 per share to Rs 4.03 per share, the stock gave multibagger returns of over 1,000 per cent in 16 years.
The company has a market cap of Rs 440 crore and reported positive numbers in its Quarterly Results and annual results. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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