Recycling Major Vikas Ecotech Allots 38 Crore Shares on Preferential Basis | View the most important details here

Earlier in January, the company had acquired Shamli Steel for an enterprise value of Rs 160 crore in a share swap deal.

New Delhi: Delhi-based recycling giant Vikas Ecotech has informed the stock exchanges that its board has issued and allotted 38,03,50,000 equity shares of the company of face value of Re 1 on preferential basis to the existing shareholders of Shamli Steels Private Limited. According to a stock exchange filing, the shares have been allotted at an issue price of Rs 4.20 per equity share. This includes a premium of Rs 3.20.

“Issue of shares on preferential issue basis… to the existing shareholders of Shamli Steels Private Limited… to exchange the shares in the ratio of 20:1 (i.e. every 20 (twenty) equity shares of Vikas Ecotech Limited to be exchanged for one ( 1 ) Equity Share) of Shamli Steels Private Limited, towards acquisition of 100% stake in Shamli Steels Private Limited, at the enterprise value of Rs 160 crores,” the company said in a statement.

Earlier in January, the company had acquired Shamli Steel for an enterprise value of Rs 160 crore in a share swap deal.

Meanwhile, Vikas Ecotech Limited has completed the process of acquiring 100 percent stake in the Polymeric Plasticizer Manufacturing company M/s Vikas Organics Pvt Ltd with transfer of the final consideration of Rs 270 million, which will enable payment of the total sale price of INR is completed. 320 million.

The company also said it will invest another Rs 150 million in the expansion and retrofit of the plant and generate about another Rs 300 million thereafter. towards working capital requirements in respect of the new additions to the product portfolio, taking the total investment to Rs 750 million.