Vikas Ecotech, a high-end specialty chemical provider, has announced the issuance of a rights issue. The company said through an exchange filing that its board in its meeting held on January 30 considered and approved the rights issue of over Rs 50 crore.
The filing said the Delhi-based company is looking to raise Rs 100 crore by issuing equity shares and other convertible securities, warrants, bonds, FPOs.
The filing said, “…for issue of equity shares, other convertible securities, warrants and bonds or any other permissible mode or any combination thereof, for an aggregate amount not exceeding Rs 100 crore.”
“…to issue equity shares by way of rights issue for an aggregate amount not exceeding 50 crores,” the filing said.
Along with this, the company has also constituted a Fund Raising Committee. The Board has authorized the committee to decide the terms and conditions of the proposed fund raising.
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Meanwhile, the board of Vikas Ecotech has called an extraordinary general meeting on February 27, the filing said.
The shares of Vikas Ecotech have given tremendous returns of 450% in the last 3 years.