Promoter bought 7,00,00,000 shares in Q1FY25: Penny stock under Rs 10 in focus today as the company announces 2 big updates; complete details inside!
From Rs 3.01 per share (52-week low) to Rs 5.19 per share, the stock is up by 72.4 per cent.
On Monday, shares of Vikas Lifecare Limited gained 1.96 per cent to Rs 5.19 per share from its previous closing of Rs 5.09 per share. The stock’s 52-week high is Rs 7.92 while its 52-week low is Rs 3.01.
Update 1
Vikas Lifecare Limited announced that its consortium has made significant progress in acquiring Ebix Inc., with a USD 14 million (Rs 117 crore) payment on July 26th, bringing the total paid to USD 35.75 million (Rs 299 crore). An additional USD 20.6 million (Rs 172 crore) will be paid by the end of July, followed by the final payment in August. The consortium, led by Eraaya Lifespaces Limited, was the highest bidder for Ebix at a valuation of USD 361 million (Rs 3,009 crore) and aims to acquire 100 per cent of Ebix's equity, including assets and certain liabilities of its global subsidiaries. The acquisition is subject to the approval of Ebix's creditors and other stakeholders through its Chapter 11 reorganization plan.
Update 2
This notice follows up on our February 8, 2024, announcement regarding a Share Purchase Agreement (SPA) entered into by our company, Vikas Garg, and Advik Capital Limited (collectively, "Acquirers") to acquire 33.26 per cent of Industrial Investment Trust Limited (IITL) through an open offer. Subsequently, on May 8, 2024, we informed that the Reserve Bank of India (RBI) returned our application for acquiring IITL due to concerns about multiple Non-Banking Financial Companies (NBFCs) in the resulting group. Despite our attempts to address RBI's concerns and secure approval, our request was denied. As a result, the Acquirers and sellers terminated the SPA on July 26, 2024, and consequently, the open offer for IITL and IITL Projects Limited has been withdrawn.
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About Vikas Lifecare Ltd
Vikas Lifecare Limited, a dynamic and diversified business entity, is renowned for its robust operations in polymer and rubber compounds along with speciality additives for plastics and rubbers. As an ISO 9001:2015 certified company, it serves as a Del-Credere agent for ONGC Petro Additions Limited, and its subsidiary Genesis Gas Solutions Pvt. Ltd. is a leader in smart gas metering in India. The company has recently broadened its portfolio to include FMCG, agro-products, and infrastructure, further diversifying into entertainment with a focus on film production. Listed on both NSE and BSE, Vikas Lifecare continues to expand its business horizons aggressively.
In June 2024, the promoters of the company bought 7 crore shares and increased their stake to 14.21 per cent compared to 11.75 per cent in March 2024. The company has a market cap of over Rs 820 crore. From Rs 3.01 per share (52-week low) to Rs 5.19 per share, the stock is up by 72.4 per cent. Investors should keep this penny stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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