VIKAS ECOTECH LIMITED Vikas Ecotech Limited (BSE:530961) on August 30, 2023 said it will raise INR 500 million through the Qualified Institutional Placement (QIP) route. The amount will be raised as part of the second tranche of the INR 1,000 million fund raise that was announced in June this year. Out of the total planned amount, the company has already mopped up INR 500 million.
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 INR 500 million," it said.
