Chemical company Vikas Ecotech has made a big deal. This cash deal is worth Rs 270 million. The company has acquired 100% equity of the existing plasticizer manufacturing business. The acquisition is expected to be completed by December 2023.
The company has merged:
Recently the company board has given in-principle approval to the merger with Vrinda Advanced Materials (VAML). The company was a debt-free company with assets of Rs 69.14 crore as of March 31, 2023. Vrinda Advanced Materials reported total income of Rs 192.51 crore with profit of Rs 9.35 crore for the financial year ending March 31, 2023.
Vrinda Advanced Materials
Vrinda Advanced Materials company formed in 2007, is engaged in the business of trading special polymer compounds and agricultural products. The company is headquartered in New Delhi and has its manufacturing facility at Vigyan Nagar, RIICO Industrial Area, Shahjahanpur, Rajasthan.
Vikas Ecotech is engaged in the business of specialty polymers for applications in sectors such as electrical, infrastructure, packaging and automotive. The company had recently completed the work of raising funds to reduce debt from its books. Vikas Ecotech has set a target to make its business debt-free by March 31, 2024.
Vikas Ecotech share status
After this news a slight rise has been seen in the shares of Vikas Ecotech on Tuesday. The share price has reached Rs 3.34. On September 12, the share price went up to Rs 5.09. This is the stock’s highest level in 52 weeks.
Vikas Ecotech operates in the specialty chemicals and polymer additives sector. The company is involved in the manufacturing and distribution of a variety of chemical products with applications in industries such as plastics, rubber, and polymers.
Nand Kishore Garg.
Mrs. Poonam Dhingra is the director of Vrinda Advanced Materials.