Vikas Ecotech Limited - Debt Reduction Program - Update

Vikas Ecotech Limited has announced that as a part of its defined debt-reduction program it has further repaid bank debts by Rs. 73 Million, taking the total amount of bank-debt reduced to Rs. 718 Million and the overall bank-debt reduction to Rs. 982 Million Approx. from the peak level of about Rs. 1700 Million, till date.

In addition to this current repayment of Rs. 73 Million, the Company intends to payback additional Rs. 170 Million with the current quarter ending on June 30, 2023, bringing down the debt levels to Rs 548 Million Approx. paving the way towards becoming a 'ZERO Debt Company'.

Management of the Company while undertaking this Debt Reduction Program, on persistence and support extended by the promoters and other stakeholders of the Company, decided to become 100% debt free entity within FY 2023-2024 and since then continuously reducing its bank-debt in gradual manner.

Shares of Vikas EcoTech Limited was last trading in BSE at Rs. 3.43 as compared to the previous close of Rs. 3.54. The total number of shares traded during the day was 8423629 in over 2354 trades.

The stock hit an intraday high of Rs. 3.90 and intraday low of 3.30. The net turnover during the day was Rs. 30827255.00.

Source : Equity Bulls

Keywords

VikasEcoTech INE806A01020 DebtReduction Update