Vikas EcoTech to raise funds through equity

Vikas EcoTech, a specialty chemicals company, has announced that its EGM held on Monday has considered and approved raising of funds through issue of equity shares. The issue will be through a preferential allotment.

Jan 16, 2017 07:01 IST India Infoline News Service

Vikas EcoTech, a specialty chemicals company, has announced that its EGM held on Monday has considered and approved raising of funds through issue of equity shares. The issue will be through a preferential allotment. The approval of the same from shareholders will be sought in the upcoming extra ordinary general meeting to be held on February 15, 2017. 
Company’s current share capital stands at Rs 25.42 crore, reserves at Rs 40.82 crore and borrowings at Rs 93.59 crore.
The company formerly known as Vikas GlobalOne, deals in manufacturing and selling of specialty polymers, compounds and additives which are used in agro pipes, automobile parts, wires and cables, artificial leather, footwear, organic chemicals, polymers, pharmaceuticals and packaging industries. The company is a major producer of thermoplastic rubber compounds which are sold both domestically and globally.
Stock view:

Vikas Ecotech Ltd is currently trading at Rs 16, down by Rs 0.35 or 2.14% from its previous closing of Rs 16.35 on the BSE.

The scrip opened at Rs 16.15 and has touched a high and low of Rs 16.4 and Rs 15.85 respectively. So far 4310705(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 415.68 crore.

The BSE group 'B' stock of face value Rs 1 has touched a 52 week high of Rs 22.9 on 05-Feb-2016 and a 52 week low of Rs 10.85 on 01-Jun-2016. Last one week high and low of the scrip stood at Rs 16.85 and Rs 15.95 respectively.

The promoters holding in the company stood at 43.51 % while Institutions and Non-Institutions held 0.34 % and 56.15 % respectively.

The stock is currently trading below its 50 DMA.

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