Vikas Ecotech, a leading recycling company, announced its intention to raise Rs 100 crore through a qualified institutional placement (QIP) in order to fuel its expansion plans and meet working capital requirements. The QIP offering, which commenced on May 31, aims to support the company’s business growth, as stated in an official statement.
The company’s board recently granted approval for the proposal, sanctioning an initial tranche of up to Rs 50 crore for the QIP, with the remaining Rs 50 crore to be raised in subsequent tranches, according to the statement.
Vikas Ecotech is diversifying its business portfolio by venturing into the manufacturing of steel pipes and MDPE (medium-density polyethylene) pipes. In addition to this development, the company also entered the real estate sector last month, focusing on commercial and residential projects in Gurugram, Haryana.
Specializing in specialty polymers for various sectors such as electrical, infrastructure, packaging, and automotive, Vikas Ecotech is recognized for its expertise in delivering innovative solutions.
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