Vikas Ecotech to raise Rs 100 cr via QIP

New Delhi Recycling company Vikas Ecotech on Wednesday said it plans to raise Rs 100 crore through qualified institutional placement (QIP) route.

The proceeds from the QIP issue, which opened on May 31, will be utilised to expand its business and fund working capital requirement, the company said in a statement. A proposal in this regard was approved by the board of the company at its meeting recently, it said. The board has approved the first tranche of QIP not exceeding Rs50 crore and the remaining amount of Rs50 crore through second/subsequent tranches, the statement said. Vikas Ecotech is expanding its business portfolio by manufacturing steel pipes and MDPE (medium-density polyethene) pipes. Last month, the company forayed into the real estate sector for development of commercial and residential projects in Gurugram, Haryana. The city-based company is engaged in the business of specialty polymers for applications in sectors like electrical, infrastructure, packaging, and automotive, among others.