Board of Vikas EcoTech approves preferential issue of 2 crore new shares

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Vikas EcoTech announced that the Board of Directors of the Company at its meeting held on 16 January 2017 passed the resolution subject to approval of shareholders, to issue 2 crore new to Jayant Chheda, Chairman, Prince Pipes and Fittings on preferential basis. After this allotment, Jayant Chheda’s stake in the Company will exceed 8%. He already owns 1.26% stake in the Company through an investment made in July 2016. His company Prince Pipes and Fittings is a long term and strategic customer of Vikas EcoTech. The total funds of Rs 34 crore will be utilised for expansion of R&D facilities, setting up new manufacturing plants and strengthening marketing efforts for both domestic and export markets.