Vikas Ecotech announces rights issue - check details

High-end specialty chemicals provider Vikas Ecotech has announced that the board has approved the issuance of rights. According to an exchange filing, the company has plans to raise Rs 100 crore through the issuance of equity shares and other convertible securities, warrants, bonds, FPO.

The filing said that the board of the Delhi-based company has approved a rights issue worth not exceeding Rs 50 crore.

"...issuance of equity shares, other convertible securities, warrants and bonds or any other permissible mode or any combination thereof, for an aggregate amount not exceeding Rs 100 crore," the filing said.

"...issuance of equity shares for an aggregate amount not exceeding 50 crore by way of a rights issue," the filing added.

The board also constituted the fund raising committee and authorised the committee to decide the terms and conditions of the proposed fund raising including the right issue and allotment of equity shares and other convertible securities.

The company has also called an extra-ordinary general meeting on February 27 for taking approval of all members as per the provisions of the Companies Act, 2013 and applicable Rules made thereunder.