Vikas Lifecare offers Rs 200 crore QIP!
New Delhi, May 31: Vikas Lifecare Limited, formerly Vikas Multicorp Limited, plans to fund Rs 200 crore ($2,000 million) through qualified institutional placement (QIP).
The money will be raised in stages. The board has approved raising Rs 50 crore in the first tranche (Rs 500 million). The company will raise Rs 150 crore (Rs 1,500 million) in the following tranches.
The company’s board of directors has approved and set the issue’s floor price at Rs 4.20 per equity share, with a face value of Re 1. The price was calculated using the pricing formula outlined in the SEBI ICDR Regulations.
The corporation will decide on the issue price in consultation with the book running lead managers who have been assigned to the issue. At its discretion, the corporation may offer a reduction of up to 5% off the issue’s floor price.
The company’s fund-raising committee will convene to discuss and approve the issue price, including any discounts allowed by SEBI regulations. Qualified institutional investors will be assigned equity shares.
The company’s board of directors and shareholders have permission via postal ballots and stock exchanges, especially the BSE and the National Stock Exchange (NSE).
Vikas Lifecare Limited is an Indian company that trades chemical compounds, polymers, PVC resins, plastic granules, and other plastic-related items. Real Estate, Trading-Polymers, Trading-Cashew Nuts, and Manufacturing are the company’s divisions.
The Delhi-based firm, founded in 1995, is also involved in real estate and the production of recycled materials for the automotive, packaging, sheathing, and textile industries.
Vikas Lifecare, a trading and distribution company, closed at Rs 4.96 on Monday, up 5% over the previous day’s close, hitting the daily circuit limit.