 "Prince Pipes promoter buys minority stake in Vikas Ecotech")
Prince Pipes and Fittings Pvt Ltd's CMD, Jayant Chheda, and his associates have acquired, in their individual capacity, 6,346,501 shares - constituting about 2.5 percent stake - in Vikas Ecotech Ltd in a block deal on July 7, 2016.
"Such large block of shares are not available with a single entity, hence, the current promoter facilitated the deal by making available the shares from his end as a gesture of goodwill," said Vikas Ecotech in a BSE filing.
Apparently, both the companies are already into business dealings - with Vikas Ecotech being strategic supplier of specialty chemicals to Prince Pipes.
"The current promoter sees this as a validation of the company’s environmental friendly product strategy from one of its largest customers. As an industry veteran, Jayant Chheda, will provide mentoring support and advice to Vikas Garg (MD of Vikas Ecotech) and the company in strategic issues for pursuing the global growth ambitions," added Vikas Ecotech.
"Such large block of shares are not available with a single entity, hence, the current promoter facilitated the deal by making available the shares from his end as a gesture of goodwill," said Vikas Ecotech in a BSE filing.
Apparently, both the companies are already into business dealings - with Vikas Ecotech being strategic supplier of specialty chemicals to Prince Pipes.
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Jayant Chheda is considered to be one of the pioneers of plastics (PVC) pipe industry and promoter of the third largest pipe manufacturing company in India.
"The current promoter sees this as a validation of the company’s environmental friendly product strategy from one of its largest customers. As an industry veteran, Jayant Chheda, will provide mentoring support and advice to Vikas Garg (MD of Vikas Ecotech) and the company in strategic issues for pursuing the global growth ambitions," added Vikas Ecotech.