Vikas EcoTech Limited (BSE:530961) announced a private placement of 20,000,000 common shares at a price of INR 17 per share for gross proceeds of INR 340,000,000 on January 16, 2017. The transaction will include participation from individual investor, Jayant Chheda. Post the closing, the stake of the investor will increase from 1.26% to more than 8%. The securities will be issued on preferential basis. The transaction has been approved by its board of directors and is further subject to be approved at its extra ordinary general meeting on February 15, 2017.