Vikas Ecotech, a leading provider of high-end specialty chemicals is riding high post-raising funds through the Qualified Institutional Placement (QIP) route and FII liquidity. According to BSE data, the stock has made its investors richer by 76 per cent in a year.
More recently, Mauritius-based foreign institutional investor AG Dynamic Funds Ltd and two other FIIs bought stake in the small-cap company with a market cap of Rs 321 crore. According to exchange data, two other FII growth global funds are PCC- Yublia Capital Partners Fund I and Calypso Global Investment Fund.
The Delhi-based company informed in an exchange filing that it has bagged a fresh order for specialty compounds worth Rs 90 million.
Sales of specialty compounds registered so far during Q1FY24 are INR 197 million and are targeted to reach INR 285 million.
In particular, it has taken a unique initiative to include personalized and local technical service teams for specific geographical areas of consumer concentration.
It has recently received approval and commercial orders from Olectra Greentech which is a renowned electric bus manufacturer for special fire retardant materials.
Last week, the company raised about Rs 50 crore through Qualified Institutional Placement (QIP). The issue was priced at Rs 2.80 per share, which is a discount of about 4 per cent compared to its floor price of Rs 2.92 per share. QIP is a method in which a firm issues shares to the public without regulatory compliance.
It supplies products to a wide variety of industries including agriculture, automotive, cable, electrical, sanitation, health care, polymers, packaging, textiles and footwear. As per the shareholding pattern on BSE, the promoters hold more than 9 per cent stake in the company while the rest is owned by the public.
Read this also | This BSE-listed logistics major gets NSE nod for direct listing on mainboard
Read this also | SEBI in its reply to SAT seeks immediate action against Zee Entertainment promoters