Market News: Vikas Lifecare Approves Allocation of 7.40 Crore | Check the most important details
According to a stock exchange filing, the board has approved the issue price of Rs 6.75 per equity share.
Share market news: Vikas Lifecare has informed the stock exchanges that its Fundraising Committee has approved the allotment of Rs 7.40 crore equity shares at the issue price to eligible qualified institutional buyers. According to a stock exchange filing, the board has approved the issue price of Rs 6.75 per equity share.
“…determined and approved, in accordance with the SEBI ICDR Regulations, the issue price of ₹6.75 per equity share (including a premium of ₹5.75 per equity share), the floor price of ₹7.08 per equity share (determined as per the prescribed formula under Regulation 176 of the SEBI ICDR Regulations and indicated in previous communications) that the equity shares in the current tranche are allotted to the eligible qualified institutional buyers,” the company said in a stock exchange filing.
Earlier, Vikas Lifecare Limited invested in acquiring a non-banking finance company (NBFC) Industrial Investment Trust Limited (IITL/Target Company) along with its promoter Dr. Vikas Garg and M/s Advik Capital Limited, another entity of the promoters.
In this all-cash transaction, for acquiring control and management of the target company, equity of existing IITL promoters i.e. 41.72% of total outstanding share capital is purchased for an amount of Rs. About 2586.95 million, where Vikas Lifecare Limited for ~33.26% shares of IITL will pay about 2586.95 million. Rs. 2062.5 million, and the remaining 8.46% will be acquired by Dr. Vikas Garg and M/s Advik Capital Limited, by paying approx. Rs. 524.44 million.
The statutory public announcement for an open offer has already been made by the Corporate Professionals-Category-1 Merchant Bankers, for the acquisition of up to an additional 26.00% of the outstanding paid up share capital of IITL from the public shareholders, on behalf of the acquirers, i.e. Dr. Vikas Garg, Vikas Lifecare Limited and M/s Advik Capital Limited.
Disclaimer: The article is for information purposes only and not for investment advice.