Dividend Paying Penny Stock Vikas Lifecare Announces Converting of Warrants Into Equity Shares

Vikas Lifecare Limited has informed the stock market that its Board of Directors meeting was held on June 1 in which approval has been given to convert 2.30 crore warrants into the same number of equity shares. Vikas Lifecare Limited has said that after March 20, 2024, and April 5 and April 18, on May 17, the conversion of these warrants has been approved after the company received 75 per cent of the issue price.

Vikas Lifecare Limited has converted 2.3 crore warrants into 2.3 crore equity shares for which the issue price was kept at Rs 4 per share. The warrants have been converted into shares after receiving Rs 6.9 crore from promoters and non-promoters public category investors.

On Friday, the shares of Vikas Life Care Limited were witnessing a rise of one per cent and were trading at the level of Rs. 5. The 52-week high of the shares of Vikas Life Care Limited, which has a market cap of around Rs 886 crore, is Rs 8 while the 52-week low is Rs 2.80.

The shares of Vikas Life Care Limited have been weak for some time but in the last 1 year, it has given a return of 73 per cent to the investors from the level of Rs 2.90. The shares of Vikas Life Care Limited have given a return of about 80 per cent to the investors from the low level of Rs 2.85 on 9 June 2023. The shares of Vikas Life Care Limited have given multi-bagger returns to investors in the short and long term.

Recently, Vikas Life Care Limited has informed the stock market that the company has sent a plan to its independent director to buy 100% equity in Ebix. Initially, 5% of the purchase amount has to be deposited in cash. If this acquisition is successful, then it can be implemented under Chapter 11 of the Reorganization Plan. Under this plan, negotiations are to be done between Iraya, Ebix and other major shareholders. This acquisition can be done under the guidelines of the US Bankruptcy Code.

Vikas Life Care Limited has informed the stock market that it has participated as a partner in the consortium formed to buy a 100 per cent stake in the American company Ebix Inc. Vikas Life Care Limited has assigned a term seat to the independent directors of Ebix Inc. A group of several companies has decided to buy a 100% stake in Ebix Inc. This consortium led by Iraya Life Space Limited has bid to buy Ebix Inc., which also includes Vikas Life Care Limited.

Vikas Lifecare is engaged in the manufacturing and trading of polymer and rubber compounds and speciality additives for plastics, synthetic and natural rubber. The company has most recently diversified its business interests beyond raw materials and forayed into the B2C segment.