Eco Recycling has recently informed exchnages that its board has approved a Qualified Institutions Placement (QIP) to raise up to ₹500 Crore, subject to shareholder and regulatory approvals. This initiative aims to enhance the company’s capital base and fund strategic growth initiatives.
Details of the QIP:
- Type of Issuance: Qualified Institutions Placement (QIP)
- Proposed Securities: Equity Shares
- Amount to be Raised: Up to ₹500 Crore
- Price: The price of the equity shares will be fixed as per applicable laws, inclusive of any premium.
A Fund Raising Committee will oversee the specifics of the issuance. This move is part of ECOREROCO’s ongoing efforts to strengthen its financial position and drive future growth.
In the meantime, Eco Recycling shares opened at 1,023.00, reaching a high of 1,043.15 and a low of 1,001.10 during the session. Over the past 52 weeks, the stock hit a high of 1,215.10 and a low of 374.40, reflecting significant volatility.
