Vikas Ecotech Limited: Share Sale by Promoters

Deepthi | Myequity news | Date : 19-11-2018 11:20:00 IST

Mr. Vikas Garg, Promoter and Managing Director of Vikas Ecotech Limited , has sold 1,13,79,144 Equity Shares at a price of Rs. 14.01 amounting to Rs. 15.94 Crores on 16th Nov., 2018 to raise funds for an upcoming inorganic growth opportunity. The funds raised by the promoter will be utilised in the company via zero interest unsecured loan.

The company is currently exploring a strategic inorganic growth opportunity for production of 2-EHTG as well as other asset purchases. The strategic option being explored would significantly reduce the lead time of its primary product, ‘Organotins’ to the market by ensuring raw material security. The share sale by the promoter has been undertaken to provide company with interim funding to explore the said opportunity.

VEL received approval from the National Company Law Tribunal (“NCLT”) for De-merger of its high-volume trading and recycled compounds business into Vikas Multicorp Limited on 6th Nov., 2018.

About Vikas Ecotech Limited:

Vikas Ecotech is an emerging player in the global arena of high-end specialty chemicals. An integrated, multi-specialty product solutions company, it produces a wide variety of superior quality, eco-friendly additives and rubber-plastic compounds. Its additives and rubber-plastic compounds are process-critical and value-enabling ingredients used to manufacture a varied cross-section of high-performance, environment-friendly and safety-critical products. From agriculture to automotive, cables to electricals, hygiene to healthcare, polymers to packaging, textiles to footwear, the company’s products serve a diverse range of global industry needs.

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