Vikas Global allots shares to promoters

Our Bureau Mumbai | Updated on April 04, 2011

Vikas GlobalOne Ltd, engaged in making chemicals and specialty chemicals, has allotment of 22,50,000 equity shares on conversion of equity warrants by the promoter group. The shares of Rs 10 were issued at a premium of Rs 22 each. Mr Vikas Garg, promoter-director, received 10,00,000 shares while Goodlife Implex, part of the promoters group company, got 12,50,000 shares.

The share allotment was approved by the board of directors at its meeting on April 1, the company said. As part of it strategy, Vikas Global has undergone backward integration by entering into manufacture of high-end products used in plastic, rubber, footwear and packaging industries while acting as distributor of global conglomerates for their niche specialty chemicals and polymers products.

The company recently received SE-2B rating from Crisil that indicates a high performance capability and moderate financial strength. Further, Dun & Brad Street Information Services has awarded a 3A3 rating. The rating indicates the fair condition of the company based on the financial strength and creditworthiness.

The company's manufacturing plants are located at Jammu & Kashmir and Rajasthan. The plant enjoys location advantage, tax incentives, market potential for finished goods and speedy reach through road, rail and air connectivity, it said.

The company's shares were down six per cent at Rs 96 on Monday.

Published on April 04, 2011

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