FIIs bought 7,40,70,000 shares of multibagger stock below Rs 10 via QIP; Company signed MoU with Indraprastha Gas Ltd for manufacturing smart gas meters in India
The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 2.66 per share.
Today, the Indian benchmark indices were trading in red with BSE Sensex Index down by 0.50 per cent and NSE Nifty-50 Index down by 0.55 per cent. On the broader market, indices were trading in red with BSE Mid-Cap Index down by 1.89 per cent and BSE Small-Cap Index down by 2.36 per cent.
Along with the market in the red, shares of Vikas Lifecare Ltd (VLL) plunged 2.94 per cent to Rs 6.93 per share with an intraday high of Rs 7.38 and an intraday low of Rs 6.87. The stock’s 52-week high is Rs 7.92 and its 52-week low is Rs 2.66.
The Board of Directors of the company announced that the Funds Raising Committee of the Company, at its meeting held on February 10, 2024, has allotted 7,40,70,000 equity shares to Foreign Institutional Investors (AG Dynamics Funds Limited was allocated 2,37,00,000 equity shares, Eminence Global Fund PCC- Eubilia Capital Partners Fund-I was allocated 2,07,40,500 equity shares and Radiant Global Fund was allocated 2,96,29,500 equity shares) with the issue price at Rs 6.75 per equity share (including a premium of Rs 5.75 per equity share), floor price of Rs 7.08 per equity share.
Earlier, VLL signed an MoU with Indraprastha Gas Ltd for manufacturing smart gas meters in India in a 51:49 ratio and formed a subsidiary and VLL has recently updated on its joint venture, IGL Genesis (IGTL), formed with GGSPL and Indraprastha Gas Ltd (IGL), indicating the commencement of the establishment of a Smart Gas Meters facility in India. This initiative, conducted under a 51:49 ratio agreement with IGL, involves the utilization of technology from Hangzhou Beta Meter, the leading global gas meter manufacturer.
Half of the total project cost, approximately USD 1.2 million (Rs 9.96 crore), has been funded through capital contributions from IGL and GGSPL. The manufacturing process at IGTL integrates advanced technologies, including the diaphragm-based system from Hangzhou Beta Meter, alongside state-of-the-art automated equipment customized for the Indian context, ensuring precise and reliable gas measurements tailored to local requirements.
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Vikas Lifecare Limited (VLL), a certified manufacturer and trader of polymer and rubber compounds, not only contributes to environmental protection with upcycled materials but also diversifies beyond raw materials into consumer products (FMCG, Agro, Infrastructure) and explores industries like tourism, hospitality, and entertainment.
Furthermore, Vikas Lifecare Limited recently entering the entertainment industry through acquisitions, appointed industry veteran Mr Suresh Menon to its Board of Directors. As Vikas Lifecare aims for exponential growth in this new venture, Mr. Menon's experience and guidance in navigating the entertainment world and establishing a foothold in the Middle East and Asia will be invaluable. Mr. Menon is a legend in Indian comedy, known for his work on "The Kapil Sharma Show" and "The Comedy Circus," and has also acted in over 60 Bollywood films. His experience in the industry makes him a valuable asset to Vikas Lifecare.
The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 2.66 per share. Listed on both BSE and NSE, VLL is an evolving company with aggressive growth plans.
Disclaimer: The article is for informational purposes only and not investment advice.
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