Shares of Vikas Ecotech rose more than 7 per cent during the last two trading sessions, as the microcap company looks to raise funds via qualified institutional placement QIP.
Vikas Ecotech said it is the first tranche of QIP not exceeding 50 lakh, and the remaining amount of 50 lakh will be raised through subsequent tranches, if any, by the company. The company's board had approved to raise Rs 100 crore through QIP in the Extraordinary General meeting held in February 2023.
Vikas Ecotech shares rose more than 3 per cent to Rs 3.05 on Friday compared to its previous close at Rs 2.95. The stock has surged more than 7 per cent in last two sessions compared to its close at Rs.2.85 on Wednesday. The company is managing mcap close to Rs 300 crore.
For the issue, the company has a fixed price of Rs. 292 apiece. The company approved and adopted the preliminary placement document dated May 30, 2023, along with the application form in connection with the issue.
Vikas Ecotech reported an increase of 46 per cent on a year-on-year YoY basis in its net profit of Rs. 1.79 crore in March 2023, against a net profit of Rs. 1.23 crore in the year-ago period. The company generated a net profit of Rs.2.78 crore in the quarter of December 2022.
In collaboration with Nice Apartment Constructions, the company's efforts to develop commercial and residential properties in Delhi-NCR have led to its initiative into green and eco-friendly infrastructure development projects.
Vikas Ecotech has signed a collaboration arrangement where it will be inducting 70 per cent of the total project cost as a partner. The projected project cost for the targeted projects is about Rs 115 crore, including the cost of lands as well as the expenses to be incurred for the construction and development of commercial buildings at the locations in Gurugram.