Vikas Lifecare would introduce a QIP worth Rs 200 billion and raise Rs 50 billion in the first tranc
Through an approved institutional placement, Vikas Lifecare Limited, formerly known as Vikas Multicorp Limited, will raise Rs 200 crore (2,000 million) (QIP). The business will raise money in stages. The board has approved raising Rs 50 crore in the initial tranche (Rs 500 million). The company will raise the final Rs 150 crore (or Rs 1,500 million) in upcoming instalments. The floor price for the offering, which has a face value of Re 1 per equity share, has been approved by the corporate board and set at Rs 4.20. The SEBI ICDR Regulations' pricing algorithm has been used to determine the price.
The corporation will choose the issue price after consulting with the book running lead managers selected for the issue. A discount of no more than 5% on the issue's floor price may be provided by the firm at its discretion. The company's fund-raising committee will get together to discuss and approve the issue price, together with any discounts that may be allowed by SEBI rules. Equities will be distributed to approved institutional buyers. Through postal votes and stock exchanges, specifically the BSE and National Stock Exchange, the company has secured the board of directors' and shareholders' primary support for the move (NSE).
Vikas Lifecare Limited trades several chemical substances, polymers, PVC resins, plastic granules, and goods associated with the Indian plastic industry. Its Real Estate, Trading-Polymers, Trading-Cashew Nuts, and Manufacturing departments all conduct business. The 1995-founded company with headquarters in Delhi also operates in the real estate sector and produces recycled materials for the textile, automotive, packaging, and sheathing industries. The trade and distribution company Vikas Lifecare's shares increased 5% on Monday before reaching their daily circuit limit and settling at Rs 4.96.