Multibagger penny stock below 10: This small-cap company acquired 50 per cent equity of Portfolio Managing Events LLC, Dubai, UAE for Rs 100 crore – know more here!

The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 2.66 per share.

In its pursuit of diversifying into innovative business realms, Vikas Lifecare Limited (VLL) has taken a significant stride by venturing into the entertainment and hospitality sector. The company has made a substantial investment by acquiring a 50 per cent stake in M/s Portfolio Managing Events LLC, based in Dubai, UAE (PME Entertainment).

This strategic move involves a share swap agreement between VLL and the existing stakeholders at Portfolio Managing Events LLC, valuing the deal at an enterprise value of Rs 210 crore. Through this transaction, Vikas Lifecare is set to invest over Rs 100 crore, securing half of the equity of PME Entertainment. This acquisition not only represents a financial commitment but also symbolizes Vikas Lifecare's commitment to exploring fresh and exciting prospects within the dynamic landscape of the entertainment and event-organizing industry.

The company's foray into this new-age sector underscores its proactive approach to embracing opportunities for growth and diversification. As Vikas Lifecare expands its footprint into the vibrant realm of entertainment, this move is poised to unlock doors to a myriad of possibilities, reinforcing the company's position as a dynamic player in the evolving business landscape.

Dubai-based PME Entertainment, a leader in global events, has produced shows for prestigious figures like royalty, world organizations and Nobel laureates. They boast experience across 6 continents, engaging audiences from Toronto to Auckland, and possess expertise in brand building and reaching target markets through digital and offline media. With Vikas Lifecare's backing, PME now holds the Miss World rights for 3 years and aims to bring the 2024 pageant back to India after 27 years.

Additionally, Genesis Gas Solutions (a subsidiary company of Vikas Lifecare Ltd) and Indraprastha Gas Limited have officially launched their joint venture "IGL Genesis Technologies Limited" with a Rs 108 crore smart meter manufacturing plant in Noida, with Genesis contributing Rs 18.1 crore and IGL holding a 51% stake. This plant, targeting July 2024 operation, will initially produce 10 lakh smart meters annually equipped with IoT features and in-built analytics.

Vikas Lifecare Ltd, a leading trader and manufacturer of polymer, rubber compounds and additives for plastics, synthetic & natural rubber, infra, agro products, FMCG products, etc. Foreign Institutional Investors (FIIs) bought 10,41,65,000 shares via preferential issue of shares. Coeus Global Opportunities Fund bought 4,16,50,000 shares, AG Dynamic Funds Limited bought 3,17,90,000 shares and Nakshatra Stressed Assets Fund bought 3,07,25,000 shares.

Today, shares of Vikas Lifecare gained 4.84 per cent to Rs 6.93 per share from its previous closing of Rs 6.61 with an intraday high of Rs 7.05 and an intraday low of Rs 6.43. The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 2.66 per share. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.