Mauritius-based FII buys stake in this small-cap penny stock. Share jumps
Summary
Mauritius-based foreign institutional investor AG Dynamic Funds Limited has bought stake in small-cap company Vikas Ecotech Ltd. The stake buy is in line with the fund raise drive of the company where the small-cap company has allotted fresh equities to AG Dynamic Funds Limited and two other FIIs. This means net fund raised from these FII investment in the company is 49.98 crore. As a results Vikas Ecotech share price today opened upside and went on to hit intraday high of 3 apiece levels, logging near 1.35 per cent intraday rise within few minutes of stock market opening.Informing FII investment in the company in its fund raise program, Vikas Ecotech said, "We wish to inform you that in furtherance to companys earlier intimation dated May 31, 2023 for opening of the QIP Issue (Qualified Institutions Placement), the Funds Raising Committee of the Company, at its meeting held today i.e. June 12, 2023, has inter alia approved the following: determined and approved, in accordance with the SEBI ICDR Regulations, the issue price at 2.80 per Equity Share (including a premium of 1.80 per Equity Share), which is at a discount of 0.12 per Equity Share i.e. 4 per cent to the floor price of 2.92 per Equity Share (determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations and intimated in earlier communications), for the Equity Shares to be allotted to the eligible qualified institutional buyers in the present tranche. "Vikas Ecotech went on to add that allotment of 17,85,00,000 Equity Shares at the issue price to the eligible qualified institutional buyers was in accordance with the terms of the issue, list of allottees shall be submitted through a separate communication.Vikas Ecotech exchange communication further informed that AG Dynamics Fund bought 8,04,00,000 paying 2.80 apiece whereas Vikasa Global Fund PCC- Eubilia Capital Partners Fund I and Calypso Global Investment Fund bought 8,03,00,000 and 1,78,00,000 company shares paying 2.80 per share.