Small-cap stok below ₹5: Mauritius-based FII buys stake in penny stock Viikas Ecotech. Share hits 10% upper circuit

livemint.com:

Penny stock under ₹10: Vikas Ecotech shares witnessed huge buying interest since early morning deals and finally locked-in 10 per cent upper circuit on Thursday session. Vikas Ecotechshare price today opened upside and went on to hit 10 per cent upper circuit after climbing to intraday high of ₹4.45 per share levels on NSE. Vikas Ecotech has informed Indian bourses that its share allotment committee has allotted shares durring its board meeting to consider applications received for the fund raise drive via QIB route.

The share allotment committee of the small-ca[ company allotted 5.50 crore company shares to the Mauritius-based FPI Radiant Global Fund. Other two FPIs — Forbes EMF and Minerva Ventures Fund were allotted 5,31,55,000 and 5,31,25,000 shares respectively. The rights issue were offered at ₹3.10 apiece levels, which means the Mauritius-based Radiant Global Fund has been allotted company shares worth ₹17,05,00,000 or ₹17.05 crore.

Likewise, Forbes EMF has been allotted company shares worth ₹16,47,80,500 and Minerva Ventures Fund has been allotted company shares worth ₹16,46,87,500. This means, Vikas Ecotech Ltd has raised ₹49,99,68,000 from its rights issue offered at ₹3.10 per share. "We wish to inform you that in furtherance to company’s earlier intimation dated August 29, 2023 for opening of the QIP Issue (Qualified Institutions Placement), the Funds Raising Committee of the Company, at its meeting held today i.e.