From Rs 3.01 per share (52-week low) to Rs 5.18 per share, the inventory is up by 72 per cent.
Vikas Lifecare Restricted (VLL) introduced vital progress of their acquisition of Ebix Inc. As a part of a consortium led by Eraaya Lifespaces Restricted, VLL has made substantial deposits in direction of the acquisition. An preliminary deposit of USD 7.25 million (Rs 61.50 crore approx) was adopted by two extra deposits – USD 2.5 million (Rs 21 crore approx) and USD 12 million (Rs 101 crore approx). This brings the full deposited quantity to USD 21.75 million (Rs 181 crore approx).
The acquisition will probably be executed via a court-approved reorganization plan beneath Chapter 11 of the US Chapter Code. This plan is backed by Ebix Inc.’s senior administration and paves the best way for collaborative efforts to get each Ebix Inc. and its affiliated debtors out of Chapter 11. The consortium, together with VLL, will work along with Ebix representatives to attain this aim.
Earlier, the Board of Administrators of Vikas Lifecare Restricted (VLL) authorized the conversion of three,45,00,000 warrants held by the promoter (Mr Vikas Garg) into the identical variety of fairness shares. The face worth of every share is Re 1, however the situation worth is Rs 4, together with a premium of Rs 3. Promoter acquired this preferential allotment after paying the remaining 75 per cent (Rs 3) of the difficulty worth per warrant, totaling Rs. 10,35,00,000. These warrants had been initially allotted in March 2024 with the proper to transform them into fairness shares upon paying 25 per cent (Re 1) of the difficulty worth. This conversion will increase the corporate’s issued and paid-up capital to Rs 185,76,68,560 and the brand new shares rank equally with present ones. There aren’t any excellent warrants for conversion.
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About Vikas Lifecare Ltd
Vikas Lifecare Restricted, a dynamic and diversified enterprise entity, is famend for its strong operations in polymer and rubber compounds together with specialty components for plastics and rubbers. As an ISO 9001:2015 licensed firm, it serves as a Del-Credere agent for ONGC Petro Additions Restricted, and its subsidiary Genesis Fuel Options Pvt. Ltd. is a frontrunner in sensible fuel metering in India. The corporate has just lately broadened its portfolio to incorporate FMCG, agro-products, and infrastructure, additional diversifying into leisure with a concentrate on movie manufacturing. Listed on each NSE and BSE, Vikas Lifecare continues to develop its enterprise horizons aggressively.
In April 2024, the promoter of the corporate purchased 2 crore shares and elevated their stake to 12.17 per cent in comparison with 11.35 per cent in March 2023. On Tuesday, shares of Vikas Lifecare Restricted gained 0.38 per cent to Rs 5.18 per share from its earlier. closing of Rs 4.16 per share. The inventory’s 52-week excessive is Rs 7.92 whereas its 52-week low is Rs 3.01. The corporate has a market cap of over Rs 800 crore. From Rs 3.01 per share (52-week low) to Rs 5.18 per share, the inventory is up by 72 per cent.
Disclaimer: This text is for informational functions solely and never funding recommendation.
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