Recycling player Vikas Ecotech Ltd on Wednesday said it will raise Rs 50 crore through the Qualified Institutional Placement (QIP) route. The amount will be raised as part of the second tranche of the Rs 100 crore fund raise that was announced in June this year. Out of the total planned amount, the company has already mopped up Rs 50 crore.
The proceeds from the QIP issue will be used to expand its business and fund working capital requirements, the company said in a statement.
After the approval of its board of directors and shareholders, the company’s fund raising committee on Tuesday approved the “2nd tranche of QIP not exceeding Rs 500 million (Rs 50 crore),” it said.
The company manufacturers a wide range of differentiated PET (Polyethylene Terephthalate) compounds and Polyvinyl Chloride compounds.
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