Penny Stock Vikas Ecotech Closes QIP Issue; Allots Over 5% Shares To 3 Funds

Vikas Ecotech has informed that its Funds Raising Committee has approved the closure of QIP Issue post receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers.

The board has determined and approved, in accordance with the SEBI ICDR Regulations, the issue price at Rs 2.80 per equity share (including a premium of Rs 1.80 per Equity Share), which is at a discount of Rs 0.12 per equity share i.e. 4 per cent to the floor price of Rs 2.92 per equity share.

The equity shares were allotted to the eligible qualified institutional buyers in the present tranche.

"The committee also 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," as per an exchange filing by the company.
The committee approved the allotment of 17,85,00,000 equity shares at the issue price to the eligible qualified institutional buyers in accordance with the terms of the issue.

The list of allottees who have been allotted more than 5 per cent of the Equity Shares offered in the issue are AG Dynamic Funds Limited (8,04,00,000 shares or 45.04 per cent of total size); Vikasa Global Fund PCC- Eubilia Capital Partners Fund I (8,03,00,000 shares or 44.99 per cent) and Calypso Global Investment Fund (1,78,00,000 shares or 9.97 per cent).