Vikas Lifecare Restricted, previously generally known as Vikas Multicorp Restricted, will increase Rs 200 crore (2,000 million) via certified institutional placement (QIP). The corporate will increase funds in tranches. Within the first tranche, the board has authorised elevating Rs 50 crore (Rs 500 million). The remaining Rs 150 crore (Rs 1,500 million) will probably be raised by way of subsequent tranches by the corporate. The corporate board has authorised and glued the ground worth for the problem at Rs 4.20 per fairness share, with a face worth of Re 1 every. The worth has been derived by the pricing system as prescribed underneath the SEBI ICDR Laws.
The difficulty worth will probably be decided by the corporate in session with the ebook operating lead managers appointed for the problem. The corporate could, at its discretion, supply a reduction of no more than 5 per cent on the ground worth for the problem. The corporate’s fund-raising committee will meet to think about and approve the problem worth, together with a reduction, if any, permitted underneath the SEBI’s rules. The fairness shares will probably be allotted to certified institutional patrons. The corporate has obtained the principal approval for a similar from its board and shareholders via postal ballots and inventory exchanges – specifically BSE and Nationwide Inventory Trade (NSE).
Vikas Lifecare Restricted engages within the buying and selling of assorted chemical compounds, polymers, PVC resins, plastic granules, and merchandise associated to the plastic trade in India. It operates via Actual Property, Buying and selling- Polymers, Buying and selling-Cashew Nuts, and manufacturing divisions. Integrated in 1995, the Delhi-based firm can be concerned in the actual property enterprise; and the manufacture of recycled materials for automotive, packaging, sheathing, and textile industries. Shares of Vikas Lifecare, a buying and selling and distributing firm, settled at Rs 4.96 on Monday after rising 5 per cent, hitting its each day circuit restrict.