Small-cap stok below ₹5: Mauritius-based FII buys stake in penny stock Viikas Ecotech. Share hits 10% upper circuit
2 min read Updated: 14 Sep 2023, 03:20 PM IST
Mauritius-based FII has been allotted 5.5 crore company shares during allotment of rights issue
Penny stock under ₹10: Vikas Ecotech shares witnessed huge buying interest since early morning deals and finally locked-in 10 per cent upper circuit on Thursday session. Vikas Ecotech share price today opened upside and went on to hit 10 per cent upper circuit after climbing to intraday high of ₹4.45 per share levels on NSE.
Rights issue allotment details
Vikas Ecotech has informed Indian bourses that its share allotment committee has allotted shares durring its board meeting to consider applications received for the fund raise drive via QIB route. The share allotment committee of the small-ca[ company allotted 5.50 crore company shares to the Mauritius-based FPI Radiant Global Fund. Other two FPIs — Forbes EMF and Minerva Ventures Fund were allotted 5,31,55,000 and 5,31,25,000 shares respectively. The rights issue were offered at ₹3.10 apiece levels, which means the Mauritius-based Radiant Global Fund has been allotted company shares worth ₹17,05,00,000 or ₹17.05 crore.
Likewise, Forbes EMF has been allotted company shares worth ₹16,47,80,500 and Minerva Ventures Fund has been allotted company shares worth ₹16,46,87,500. This means, Vikas Ecotech Ltd has raised ₹49,99,68,000 from its rights issue offered at ₹3.10 per share.
"We wish to inform you that in furtherance to company’s earlier intimation dated August 29, 2023 for opening of the QIP Issue (Qualified Institutions Placement), the Funds Raising Committee of the Company, at its meeting held today i.e. September 13, 2023, has inter alia approved the following: a) approved the closure of the Issue today (i.e. September 13, 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; determined and approved, in accordance with the SEBI ICDR Regulations, the issue price at ₹3.10 per Equity Share (including a premium of ₹2.10 per Equity Share), floor price of ₹2.95 per Equity Share (determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations and intimated in earlier communications), for the Equity Shares to be allotted to the eligible qualified institutional buyers in the present tranche; 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; and approved and adopted the placement document dated September 13, 2023; and allotment of 16,12,80,000 Equity Shares at the issue price to the eligible qualified institutional buyers in accordance with the terms of the issue, list of allottees shall be submitted through a separate communication."
Vikas Ecotech share price history
After climbing to intraday high of ₹4.45 apiece levels, the penny stock has delivered over 30 per cent return to its shareholders in last five trade sessions while in last one month, the small-cap stock surged to the tune of 50 per cent.
This penny stock below ₹5 is available for trade on both BSE and NSE. It trade volume on NSE is 4,96,58,632 and near 15 minutes of trade is still left today. Its 52-week high if ₹5.05 apiece wheras its 52-week low is ₹2.35 apiece.
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