div class=ts-pagebutton class=gotoPage data-page=1Page 1button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=1 data-page=1 class=ts-thumb lazyload alt=Page 1: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails1jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=2Page 2button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=2 data-page=2 class=ts-thumb lazyload alt=Page 2: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails2jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=3Page 3button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=3 data-page=3 class=ts-thumb lazyload alt=Page 3: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails3jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=4Page 4button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=4 data-page=4 class=ts-thumb lazyload alt=Page 4: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails4jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=5Page 5button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=5 data-page=5 class=ts-thumb lazyload alt=Page 5: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails5jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=6 data-page=6 class=ts-thumb lazyload alt=Page 6: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails6jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=7Page 7button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=7 data-page=7 class=ts-thumb lazyload alt=Page 7: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails7jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=8Page 8button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=8 data-page=8 class=ts-thumb lazyload alt=Page 8: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails8jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=9 data-page=9 class=ts-thumb lazyload alt=Page 9: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails9jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=10Page 10button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=10 data-page=10 class=ts-thumb lazyload alt=Page 10: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails10jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=11Page 11button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=11 data-page=11 class=ts-thumb lazyload alt=Page 11: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails11jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=12 data-page=12 class=ts-thumb lazyload alt=Page 12: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails12jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=13Page 13button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=13 data-page=13 class=ts-thumb lazyload alt=Page 13: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails13jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=14Page 14button div class=ts-imageimg data-url=vikas-ecotech-ltd-opinionpdf-comparable-company-market-multiple-uses-the-valuationhtmlpage=14 data-page=14 class=ts-thumb lazyload alt=Page 14: Vikas Ecotech LtdvikasecotechcomannouncementFairness Opinionpdf · Comparable Company Market Multiple uses the valuation ratio of a publicly traded company and applies that ratio loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentinreader034viewer20220506005fa7bac24403c759dd73d3c6html5thumbnails14jpg width=140 height=200 divdiv
