Vikas Ecotech reports Q3 profit at Rs3.42cr; Stock hits fresh 52-week high

18 Jan 2022 , 10:06 AM

Vikas Ecotech Limited reported higher profit at Rs3.42cr in Q3FY22 against Rs0.01cr in Q3FY21. The company’s revenue jumped to Rs75.26cr in the quarter ended December 31, 2021 from Rs28.39cr yoy in December 31, 2020 ended quarter.

The company stock was in demand on Tuesday morning and at around 10.10 AM, Vikas Ecotech Ltd was trading at Rs4.94 per share up by Rs0.23 or 4.88% from its previous closing of Rs4.71 per share on the BSE.

The scrip opened at Rs4.94 per share and has touched a fresh 52-week high of Rs4.94 per share (5% upper circuit) early on.

The Board of Directors of the Company at their meeting held on January 17, 2022 also approved making of the first and final call of Re0.80/- (comprising Re0.50/- towards face value and Re0.30/- towards securities premium) per partly paid-up equity share (the Call), on 30,90,09,241 outstanding partly paid-up equity shares of face value Re. 1/- each, issued by the Company on a rights basis, pursuant to its Letter of Offer dated November 20, 2021;

Details of the Call are as below:
Call Record date:
The Board of Directors of the Company has fixed Friday, February 4, 2022 as the Record Date for the purpose of determining the holders of partly paid-up equity shares to whom the Call notice will be dispatched for payment of the Call.

Call payment period:
The Call payment period will open on Thursday, February 10, 2022, and close on Thursday, February 24, 2022 (both days inclusive).

In order to augment the long-term resources and fund organic/inorganic growth opportunities in the area of the company’s operations and adjacencies, raising of funds, subject to members approval, by way of further issue of securities including equity shares, other convertible securities, warrants and bonds (whether convertible or non-convertible) or any combination thereof through QIP, FCCB, ADRs. GDRs and/or FPO or through any other permissible mode or any combination thereof, for an aggregate amount not exceeding Rs200cr, subject to applicable laws and necessary shareholders’, statutory, regulatory approvals, as applicable, with a view to capitalize on available growth opportunities and continues to evaluate avenues for organic and inorganic growth.

The Board of Directors has also constituted the ‘Fund Raising Committee’ and authorised such committee to decide, inter alia, the terms and conditions of the proposed fund-raising program and for allotment of equity shares and/or other convertible securities, pursuant to the proposed issue;

The board also approved increase in Authorized Share Capital of the Company from existing Rs100cr to Rs150cr by creation of new equity shares and consequent alteration in capital clause of the Memorandum of Association of the Company.