Vikas Lifecare To Raise Rs 200 Crore To Fund Growth Opportunities

Recycling player Vikas Lifecare on Friday said its board has approved a proposal to raise Rs 200 crore to fund growth opportunities.

The company plans to raise the fund in single or more tranches, it said in an exchange filing.

The board of directors approved raising of funds up to Rs 200 crore to augment the long-term resources and to fund organic/inorganic growth opportunities in the area of the company's operations and adjacencies, it said.

The company plans to raise the funds "by way of issuance of equity shares or any combination thereof through Qualified Institutional Placement, FCCB (Foreign Currency Convertible Bond), further public offering and rights issue or through any other permissible mode or any combination thereof."

The fundraising proposal remains subject to all necessary approvals, the company said.

Vikas Lifecare recycles various types of waste to manufacture pallets and interlocking tiles for industrial applications.