Vikas Lifecare board approves allotment of 10.75 crore shares to QIBs

28 Nov 2022 , 02:48 PM

Vikas Lifecare’s stock rose on Monday after the company’s board of directors approved the issuance and allotment of more than 10.75 crore equity shares to qualified institutional buyers.

The trading and distribution company announced in an exchange filing that it has approved the qualified institutional placement of 10,75,26,881 equity shares with a face value of Rs1 each.

Following the announcement, Vikas Lifecare shares rose as much as 6% to Rs5.05 on Monday before reversing some of their gains.

The company board determined and approved the issuance of equity shares at a price of Rs4.65 per share, a 5% discount to the company’s floor price of Rs4.88.

At around 2.53 PM, Vikas Lifecare was trading 2.11% higher at Rs4.85 against previous close of Rs4.75 on NSE. 

The company raised approximately Rs50 crore through its third tranche of QIP. It previously raised Rs100 crore through the same channel and will raise another Rs50 crore via the fourth and final tranche of the Rs200 crore fundraising plan.

Calypso Global Investment Fund, AG Dynamic Funds, and Forbes EMF were allotted via QIP between November 15 and 24, 2022.

Calypso Global Investment Fund received 3,71,49,166 shares, representing 34.55% of the issue, while AG Dynamic Funds received 3,59,69,113 shares, representing 33.45% of the issue. Forbes EMF took the remaining 3,44,08,602 shares or 32% of the total issue size.

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