Vikas EcoTech shares rebound 5% after board okays;

The board of directors of Vikas EcoTech approved the hiring of Price Waterhouse & Co LLP to assess the company’s request to merge with Vrindaa Advanced Materials.

Vikas Ecotech is engaged in the business of specialty polymers for applications in sectors like electrical, infrastructure, packaging, and automotive, among others. — *Specialty polymers are produced by Vikas Ecotech for use in a variety of industries, including electrical, infrastructural, packaging, and automotive.*

Following the business board’s in-principle acceptance of the merger during Monday’s early trading session, shares of Vikas EcoTech increased by more than 5%.

According to the business’s exchange filing, the company board approved the evaluation of the consolidation plan with Vrindaa Advanced Materials and selected Price Waterhouse & Co LLP, one of the Big4 advisory firms, to assess the proposal from a tax and regulatory viewpoint.

Even though shares of Vikas EcoTech have down 13% in the past month, they have returned 35% over the past six months. But throughout the past year and year-to-date (YTD), the stock has remained largely flat or slightly up.

Vikas EcoTech recently approved the allocation of 16,12,80,000 equity shares at the issue price of Rs 3.10 per equity share to the qualified buyers, which included Radiant Global Fund, Forbes EMF, and Minerva Ventures Fund, in order to raise Rs 50 crore via qualified institutional placement (QIP) route.

Specialty polymers are produced by Vikas Ecotech for use in a variety of industries, including electrical, infrastructural, packaging, and automotive. The New Delhi-based company has finished raising money to pay off its debt.