Vikas Ecotech Ltd updates on Debt Reduction Programme

Pursuing the goal of becoming a 100% debt free entity within Financial Year 2022-2023, Vikas Ecotech Limited has repaid the loan of INR 33.90 million to the ICICI Bank. This repayment will lead to the release of the mortgage on the company owned commercial properties located at Mumbai, Maharashtra. These are non-business assets currently valued at about INR 100 Million, these no-business assets will be monetized upon release of mortgage, which in turn will further aid the debt reduction plan taking the Company upto 57.50 % reduction in debt from the peak levels. The Company has repaid INR 700 Million in total since the initiation of the debt removal plan.

Shares of Vikas EcoTech Limited was last trading in BSE at Rs. 3.36 as compared to the previous close of Rs. 3.32. The total number of shares traded during the day was 2043227 in over 1407 trades.

The stock hit an intraday high of Rs. 3.45 and intraday low of 3.31. The net turnover during the day was Rs. 6877340.00.

Source : Equity Bulls

Keywords

VikasEcoTech INE806A01020 DebtReduction Repayment