Penny Stock Below Rs 5 Aims To Become Debt Free By FY24: Do You Own?

Vikas Ecotech has announced that as a part of its defined debt-reduction program, it has further repaid bank debts by Rs 73 Million, taking the total amount of bank-debt reduced to Rs 718 Million and the overall bank-debt reduction to Rs. 982 Million Approx. from the peak level of about Rs. 1700 Million, till date.

The company in a statement says it aims to cut the debt further as it has set a target to become 100 per cent debt-free by the end of FY24.

In addition to this current repayment of Rs. 73 Million, the Company intends to payback an additional Rs. 170 Million with the current quarter ending on June 30, 2023, bringing down the debt levels to Rs 548 Million Approx. paving the way towards becoming a 'ZERO Debt Company'.

The Management of the Company while undertaking this Debt Reduction Program, on persistence and support extended by the promoters and other stakeholders of the Company, decided to become a 100% debt-free entity within FY 2023-2024 and since then continuously reducing its bank debt in a gradual manner.

Recently, the R&D division collaborated with King Khalid University, Saudi Arabia, on 'A process for the designing of conducting polymer nanocomposites on activated carbon membrane for the removal of bacterial contamination from polluted wastewater'.