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Premium specialty chemical substances firm Vikas Ecotech has set a goal to change into a debt-free firm by the top of the subsequent fiscal below its debt discount programme. The small-cap firm in an change submitting knowledgeable that it has considerably lowered its debt and goals to chop additional.
The firm knowledgeable exchanges that it has paid again Rs 30 million. The whole quantity of financial institution debt has now been lowered to Rs 843 million and the general bank-debt to Rs 857 million.
“The company aims to become a 100 per cent debt-free entity within FY 2023-2024 under debt reduction programme,” Vikas Ecotech stated within the submitting.
After the present compensation of financial institution debt, the corporate intends to pay again a further Rs 295 million throughout the fourth quarter, thus lowering the debt to Rs 548 million.
This, the corporate stated, will pave the way in which in direction of changing into a ‘ZERO Debt Company’ in 2024.
New Delhi-head Vikas Ecotech operates within the specialty chemical trade. Shares of Vikash Ecotech are a type of small-cap shares which have delivered whopping returns in post-Covid market rebound. It has yielded a whopping 450 per cent return up to now three years.
The firm has additionally authorized the issuance of rights. “…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 submitting stated.
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Source: www.indiatvnews.com
