High-end specialty chemicals provider Vikas Ecotech has announced the issuance of a rights issue. The company through an exchange filing said that its board at a meeting held on January 30 considered and approved a rights issue worth not exceeding Rs 50 crore.
The Delhi-based company seeks to raise Rs 100 crore through the issuance of equity shares and other convertible securities, warrants, bonds, FPO, the filing said.
"...issuance 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," the filing said.
"...issuance of equity shares for an aggregate amount not exceeding 50 crore by way of a rights issue," the filing added.
Besides, the company has also constituted the fund raising committee. The board has authorised the committee to decide the terms and conditions of the proposed fund raising.
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Meanwhile, Vikas Ecotech's board has called an extraordinary general meeting on February 27, the filing said.
Shares of Vikas Ecotech have yielded a massive 450 per cent return in the last 3 years.
