Forbes EMF has been allotted 54 million equity shares or 43.2 per cent, while Nomura Singapore Limited has been given 44 million equity shares or 35.2 per cent.
The Board of Companies 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 stock exchanges about this. Through this Qualified Institutional Placement (QIP), the diversified listed group will allot shares at a price of Rs 4 per share, initiating Rs 50 crore from investors, including a premium of Rs 3 per piece.
However, the issue price of Rs 4 per equity share is at a discount of Rs 0.10 or 4.52 per cent over the floor price of Rs 4.20 fixed as per SEBI’s regulatory formulation. However, the company board is empowered to allow specific exemptions. After the allotment of equity shares in the issue, the paid-up equity share capital of the company increased to Rs 122.70 crore (Rs 1,22,70,70,991), the company said in a regulatory filing.
After these global giants bought stake in the QIP, only three bidders have secured 100 per cent of the total allotment of equity shares under the FPI category. Forbes EMF has been allotted 54 million equity shares or 43.2 per cent, while Nomura Singapore Limited has been given 44 million 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 Ltd.
Confirmation of Allotment Note (CAN) will be approved and finalized for eligible, eligible institutional buyers, informing them of allotment of equity shares as per issue. Further, Vikas Lifecare Ltd, formerly known as Vikas Multicorp Ltd, is likely to raise Rs 200 crore only through the QIP route, and this is only the first tranche. The company will raise a total of Rs 150 crore in the next phases.
Vikas Lifecare Limited is engaged in the trading of various chemical compounds, polymers, PVC resins, plastic granules and products related to the plastics industry in India. It operates through real estate, trading-polymer, trading-cashew and manufacturing divisions. Incorporated in 1995, the Delhi based company is also involved in the real estate business; and the manufacture of recycled materials for the automotive, packaging, sheathing and textile industries.
Read also | LIC share price continues to fall, investors lose Rs 1.23 lakh crore Should you buy?
Read also | HDFC Bank hikes lending rates by 0.35%; Second hike in two months