{"id":31562,"date":"2023-06-27T07:18:53","date_gmt":"2023-06-27T07:18:53","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/small-cap-stock-below-%e2%82%b95-mauritius-based-fii-backed-company-aims-to-become-debt-free-in-fy24"},"modified":"2023-06-27T08:09:20","modified_gmt":"2023-06-27T08:09:20","slug":"small-cap-stock-below-%e2%82%b95-mauritius-based-fii-backed-company-aims-to-become-debt-free-in-fy24","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/small-cap-stock-below-%e2%82%b95-mauritius-based-fii-backed-company-aims-to-become-debt-free-in-fy24","title":{"rendered":"Small-cap stock below \u20b95: Mauritius-based FII-backed company aims to become debt-free in FY24"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Mauritius. <\/strong><\/span>Small-cap stock below \u20b95: 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.<\/p>\n<p>Informing Indian bourses about its debt-reduction plans, this Mauritius-based FII-backed small-cap company said, &#8220;Vikas Ecotech Limited is pleased to announce that as a part of its defined debt-reduction program it has further repaid bank debts by \u20b973 Million ( \u20b97.30 crore), taking the total amount of bank-debt reduced to \u20b9718 Million ( \u20b971.80 crore) and the overall bank-debt reduction to \u20b9982 Million ( \u20b998.20 crore) Approx.<\/p>\n<p>from the peak level of about \u20b91700 Million ( \u20b9170 crore), till date,&#8221; adding, &#8220;In addition to this current repayment of \u20b973 Million ( \u20b97.30 crore), the Company intends to payback additional \u20b9170 Million ( \u20b917 crore) with the current quarter ending on June 30, 2023, bringing down the debt levels to \u20b9548 Million ( \u20b954.80 crore) Approx.<\/p>\n<p>paving the way towards becoming a ZERO Debt Company. &#8221; &#8220;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,&#8221; Vikas Ecotech Ltd added.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>The fund raise committee allotted 1,78,00,000 shares to Calypso Global Investment Fund. These shares were allotted at a price of \u20b92.80 apiece. This means net fund raised from these FII investment in the company was \u20b949.98 crore. Out of these \u20b949.98 crore, AG Dynamics Funds Limited bought this penny stock worth \u20b922,51,20,000 or around \u20b922.51 crore.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/mauritius\">Mauritius<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mauritius. Small-cap stock below \u20b95: 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 [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":31561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,245,241],"class_list":["post-31562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Small-cap stock below \u20b95: Mauritius-based FII-backed company aims to become debt-free in FY24 - Mauritius<\/title>\n<meta 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