Vikas Proppant & Granite Limited announced that it expects to receive INR 2.06475 billion in funding from PJSC Tatneft, and other investors

Vikas Proppant & Granite Limited (BSE:531518) announced a private placement to issue 68,825,000 equity shares at issue price of INR 30 per share for gross proceeds of INR 2,064,750,000 on February 14, 2020. The company will issue 18,725,000 shares to promoters and 50,100,000 shares to returning investor, PJSC Tatneft (MISX:TATN), non promoter of the company. The company will issue shares through preferential allotment.

The transaction needs to be approved by the board of directors at the board meeting of the company to be held on February 24, 2020. Post closing of the transaction, the promoters of the company will hold around 25% and PJSC Tatneft (MISX:TATN) will hold 8.72% stake in the company.