Vikas Lifecare Announces Open Offer To Acquire 33.26% Stake In IITL

Vikas Lifecare Limited shares are in focus as the company recently disclosed that, on February 8, 2024, it entered into a Share Purchase Agreement with Mr. Vikas Garg and Advik Capital Limited. Under the terms of the agreement, the company intended to purchase 75 lakh equity shares representing 33.26% of the issued and paid-up share capital of Industrial Investment Trust Limited (IITL). The acquirers i.e. promoter and Advik Capital and Advikca Finvest Limited (PAC) have triggered the requirement to make an open offer to the IITL shareholders in accordance with the terms of the share purchase agreement.

"Further, the IITL holds 71.74% of the equity shares of IITL Projects Limited (IPL), therefore pursuant to entering into such Share Purchase Agreement by the Acquirers, the Acquirers have indirectly triggered the requirement to make an open offer to the shareholders of IPL," said the company in a stock exchange filing.

"Pursuant to the Board Meeting of Advik Capital Limited ("the Company") held today i.e., February 08, 2024, we hereby in terms of the provisions of Regulation 30 of SEBI (LODR) Regulations, 2015 inform you that the Company along with Mr. Vikas Garg and Vikas Lifecare Limited (hereinafter collectively referred to as 'Acquirers') has entered into a Share Purchase Agreement on February 08, 2024, under which the Company intended to acquire 14,07,067 equity shares representing 6.24% of the issued and paid-up share capital of Industrial Investment Trust Limited ("Target Company" or "IITL"). Pursuant to entering into such Share Purchase Agreement, the Acquirers along with Advikca Finvest Limited ('PAC') have triggered the requirement to make an open offer to the shareholders of the Target Company in terms of Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations, 2011," said Advik Capital in a stock exchange filing.

"We, Corporate Professionals Capital Private Limited (hereinafter referred to as 'Manager to the Offer'), are hereby submitting the Public Announcement made by us on behalf of Mr. Vikas Garg, Vikas Lifecare Limited and Advik Capital Limited (hereinafter collectively referred as 'Acquirers') along with Advikca Finvest Limited (hereinafter referred as 'PAC') to acquire upto 58,62,363 (Fifty Eight Lakh Sixty Two Thousand Three Hundred and Sixty Three) Equity Shares constituting 26.00% of Paid up Equity Share Capital of the Target Company at a price of INR 275/- (Indian Rupees Two Hundred and Seventy Five only) for each equity share of the Target Company, pursuant to, and in compliance with, amongst others, Regulation 3(1) and Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto," said Corporate Professionals Capital in a regulatory filing.
The acquisition was finalized at a SPA Price of Rs 275/-.