Vikas Lifecare raised Rs 50 crore via QIP from Forbes EMF, Nomura and AG Dynamic

New Delhi [India], June 6 (ANI/PNN): The company board of Vikas Lifecare Limited has approved the issuance and allotment of 12.50 crore equity shares to eligible, qualified institutional buyers (QIBs). The company has informed the bourses about the same.
Through this qualified institutional placement (QIP), the diversified listed conglomerate will be launching Rs 50 crore from the investors by alloting the shares at a price of Rs 4 per share, including a premium of Rs 3 a piece.
However, the issue price of Rs 4 per equity share is at a discount of Rs 0.10 or 4.52 per cent to the floor price of Rs 4.20, determined according to the SEBI's regulatory formulation. However, the company board has a right to allow a specific discount.
Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased to Rs 122.70 crore (Rs 1,22,70,70,991), the company said in a regulatory filing.
These global giants bought a stake in the QIP, only three bidders have bagged the entire allocations of the equity shares, aggregating to 100 per cent, under the FPI category.
Forbes EMF has been allotted 5.4 crore equity shares or 43.2 per cent, whereas Nomura Singapore Ltd has been given 4.4 crore equity shares or 35.2 per cent. The remaining 2.7 crore shares, or 21.6 per cent, have been allotted to AG Dynamic Funds Limited.
The confirmation of allocation note (CAN) would be approved and finalised to eligible, qualified institutional buyers, intimating them of the allocation of equity shares pursuant to the issue.
Furthermore, Vikas Lifecare Limited, formerly known as Vikas Multicorp Limited, is likely to raise Rs 200 crore through the QIP route only, and this is the first tranche only. The company will raise funds, aggregating to Rs 150 crore in the subsequent tranches.
Vikas Lifecare Limited engages in the trading of various chemical compounds, polymers, PVC resins, plastic granules, and products related to the plastic industry in India. It operates through Real Estate, Trading- Polymers, Trading-Cashew Nuts, and manufacturing divisions.
Incorporated in 1995, the Delhi based company is also involved in the real estate business; and the manufacture of recycled material for automotive, packaging, sheathing, and textile industries.
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