Vikas Ecotech shares remained sideways during today’s trading session with an intraday high of Rs 3.40 and an intraday low of Rs 3.30.
Stock Market News: Vikas Ecotech has acquired 100 per cent equity of an existing Plasticizer Manufacturing Business valued at enterprise value of Rs 270 million in an all-cash deal, it said in a regulatory filing. The acquisition is targeted to be completed by December 2023. “Finalised this acquisition and signed a definitive Share Purchase Agreement to buy 100% Equity from its existing shareholders,” it said in the filing.
Vikas Ecotech shares remained sideways during today’s trading session with an intraday high of Rs 3.40 and an intraday low of Rs 3.30. The filing added that products offering of the acquired Plasticizer Manufacturing Business perfectly complement and enhance company’s existing product basket.
Vikas Organics is a pioneer in manufacturing of Plasticizers. It is a well-known name amongst the Indian industrial houses for almost 25 years. The firm has an annual installed capacity of 12000 metric tons per annum of Plasticizers.
Vikas Ecotech is a Delhi-based manufacturer of specialty polymers and specialty additives and chemicals for plastics and rubbers industries, catering to a wide horizon of applications in agriculture, infrastructure, packaging, electrical, footwear, pharmaceuticals, automotive, medical devices and components and other consumer goods.
Earlier in August, the firm had paid Rs 101 crore dues to its lenders and is aiming to become debt-free by financial year 2023-24. “The company has till date paid a debt of Rs 1012 million (Rs 101.2 crore) to its lenders and the outstanding amount remains at Rs 600 million (Rs 60 crore),” it had said in a statement on BSE.