The Hindu Business Line : Vikas WSP makes a comeback after 6 years

Kolkata, Aug. 27 Six years after it was last traded, the Vikas WSP stock has featured on traders’ terminals, ending the day’s session at Rs 36.22 on Bombay Stock Exchange.

Transactions in the stock were suspended in 2001 amidst allegations on misreported figures.

The stock on Monday had a total traded quantity of over one lakh shares. Data released by the stock exchange show its previous close at Rs 7.07.

It may be mentioned here that Vikas WSP once traded at a high of Rs 1,550 in 2000 but tumbled dramatically by 2001 when allegations of financial irregularities came to the light.

The company, which makes guar gum polymers, has recently considered a move to determine issuance of equity shares on a preferential basis to promoters and other strategic investors.

The Vikas WSP board has considered a resolution to issue 5.23 crore equity shares, each carrying a face value of Re 1.

Earlier, it considered the issue of merger with a group outfit, Vegan Colloids Ltd.

A look at the latest shareholding pattern shows public shareholding at 13 per cent, which includes holding by UTI.

The company’s capital base stands at about Rs 10.9 crore.