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


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.