Multibagger stock under Rs 5: Don’t miss action in this micro-cap company as it raises funds through Qualified Institutional Placement!

The stock gave multibagger returns of 115 per cent in just 2 years.

Vikas Ecotech Ltd informed that the company’s earlier intimation dated May 31, 2023 for the opening of the QIP Issue (Qualified Institutions Placement), the Funds Raising Committee of the Company, at its meeting held today i.e., June 12, 2023, has inter alia approved the following:

1) Approved the closure of the Issue on June 12, 2023 post receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the Issue.

2)) Approved, the issue price at Rs 2.80 per equity share (including a premium of Rs 1.80 per equity share), which is at a discount of Rs 0.12 per equity share i.e., 4 per cent to the floor price of Rs 2.92 per equity share for the equity shares to be allotted to the eligible qualified institutional buyers in the present tranche and allot a total issue size of 17.85 crore shares.

3) Approved and finalized the confirmation of allocation note (CAN) to be sent to eligible qualified institutional buyers, intimating them of the allocation of equity shares pursuant to the issue.  

List of Allottees: 

Vikas Ecotech's shares concluded the trading session on Monday without any change, maintaining a value of Rs 2.96, the same as its previous closing price. Throughout the day, the stock reached a high of Rs 3.03 and a low of Rs 2.95. The stock gave multibagger returns of 115 per cent in just 2 years.

Vikas Ecotech Limited is primarily engaged in the business of manufacturing speciality chemicals focused on additives and speciality polymer compounds. According to the financials, the company has a market cap of 280.78 crore and reported positive numbers in its Quarterly Results and annual results.  Investors should keep an eye on micro-cap stock.