Penny Stock Below Rs 10 In Focus After 3 FPIs Buys Stake: Do You Own?

On Monday, the shares of small-cap company Vikas Lifecare Ltd are likely to be in focus after 3 FIIs buy a stake. The Funds Raising Committee of the company, at its meeting held on February 10, 2024 allotted 2,37,00,000 shares to AG Dynamics Funds Limited, 2,07,40,500 shares to Eminence Global Fund PCC- Eubilia Capital Partners Fund I and 2,96,29,500 shares to Radiant Global Fund.

The funds raising committee of the company said that they have approved "Allotment of 7,40,70,000 Equity Shares at the issue price to the eligible qualified institutional buyers in accordance with the terms of the issue, list of allottees shall be submitted through a separate communication."

Vikas Lifecare said the funds raising committee also "determined and approved, in accordance with the SEBI ICDR Regulations, the issue price at Rs 6.75 per Equity Share (including a premium of Rs 5.75 per Equity Share), floor price of Rs 7.08 per Equity Share (determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations and intimated in earlier communications), for the Equity Shares to be allotted to the eligible qualified institutional buyers in the present tranche."

Vikas Lifecare announced last week that it has signed a Share Purchase Agreement with Advik Capital Limited and Mr. Vikas Garg. The corporation intended to buy 75 lakh equity shares, or 33.26% stake in Industrial Investment Trust Limited's issued and paid-up share capital, in accordance with the terms of the agreement (IITL). In line with the provisions of the share acquisition agreement, the acquirers-the promoter, Advik Capital, and Advikca Finvest Limited (PAC)-have initiated the need to make an open offer to the IITL shareholders.

Vikas Lifecare Limited is a prominent global supplier of premium speciality chemicals to customers worldwide. Vikas Lifecare Ltd. (VLL), an organisation with ISO 9001:2015 certification, is involved in the production and distribution of polymers, rubber compounds, and plastic additives.