Africa-Press – Mauritius. Small-cap stock below ₹5: Vikas Ecotech Ltd has announced that it would become a debt-free company in the financial year 2023-24. The small-cap company which recently attracted investment from Mauritius-based FII AG Dynamic Funds Limited informed Indian stock market exchanges that the company plans to become a debt-free company within the financial year 2023-24.
Informing Indian bourses about its debt-reduction plans, this Mauritius-based FII-backed small-cap company said, “Vikas Ecotech Limited is pleased to announce that as a part of its defined debt-reduction program it has further repaid bank debts by ₹73 Million ( ₹7.30 crore), taking the total amount of bank-debt reduced to ₹718 Million ( ₹71.80 crore) and the overall bank-debt reduction to ₹982 Million ( ₹98.20 crore) Approx.
from the peak level of about ₹1700 Million ( ₹170 crore), till date,” adding, “In addition to this current repayment of ₹73 Million ( ₹7.30 crore), the Company intends to payback additional ₹170 Million ( ₹17 crore) with the current quarter ending on June 30, 2023, bringing down the debt levels to ₹548 Million ( ₹54.80 crore) Approx.
paving the way towards becoming a ZERO Debt Company. ” “Management of the Company while undertaking this Debt Reduction Program, on persistence and support extended by the promoters and other stakeholders of the Company, decided to become 100% debt free entity within FY 2023-2024 and since then continuously reducing its bank-debt in gradual manner,” Vikas Ecotech Ltd added.
FII-backed company Recently, Mauritius-based foreign institutional investor AG Dynamic Funds Limited bought stake in this small-cap company. The stake buy was in line with the fund raise drive of Vikas Ecotech Ltd where the small-cap company allotted fresh equities to AG Dynamic Funds Limited and two other FIIs.
Other two FIIs were Vikasa Global Fund PCC- Eubilia Capital Partners Fund I and Calypso Global Investment Fund. As per the information available on BSE website, fund raise committee of the company approved 8,04,00,000 company shares to the Mauritius-headquartered FII whereas 8,03,00,000 shares were allotted to Vikasa Global Fund PCC- Eubilia Capital Partners Fund I.
The fund raise committee allotted 1,78,00,000 shares to Calypso Global Investment Fund. These shares were allotted at a price of ₹2.80 apiece. This means net fund raised from these FII investment in the company was ₹49.98 crore. Out of these ₹49.98 crore, AG Dynamics Funds Limited bought this penny stock worth ₹22,51,20,000 or around ₹22.51 crore.
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