Penny stock at Rs 7: Micro-cap company along with Advik Capital has entered into a share purchase agreement to acquire 75,00,000 shares of Industrial Investment Trust Ltd
The stock gave multibagger returns of 167 per cent from its 52-week low of Rs 2.66 per share.
Vikas Lifecare Ltd informed that the company along with Mr Vikas Garg and Advik Capital Limited has entered into a share purchase agreement on February 8, 2024, under which the company intended to acquire 75,00,000 equity shares representing 33.26 per cent of the issued and paid-up share capital of Industrial Investment Trust Limited (Target Company or IITL).
IITL's acquisition of 71.74 per cent of IPL shares requires the Acquirers to make an open offer to IPL's shareholders as per SEBI regulations. The acquirers will comply and have authorized Mr Sundeep Kumar Dhawan to sign the necessary documents. (Mr Vikas Garg is the promoter of Vikas Lifecare Ltd and Advik Capital Ltd holding 9.30 per cent and 7.84 per cent respectively)
Today, shares of Vikas Lifecare Ltd plunged 3.97 per cent to Rs 7 per share from its previous closing of Rs 7.29 with an intraday high of Rs 7.39 and an intraday low of Rs 6.93. The stock’s 52-week high is Rs 7.92 while its 52-week low is Rs 2.66.
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Vikas Lifecare Limited (VLL), previously known for upcycled materials, is diversifying rapidly beyond FMCG, Agro, and Infrastructure, now venturing into smart gas meters via IGL Genesis (IGTL), a joint venture with IGL and GGSPL. Partnering with world leader Hangzhou Beta Meter, IGTL will manufacture cutting-edge, accurate, and reliable gas meters in India using a blend of advanced technology and established methods.
This move showcases VLL's evolving nature and ambitious growth plans, further evidenced by its entertainment industry foray through acquisitions and the appointment of industry veteran Mr Suresh Menon to its Board. His expertise will be instrumental in navigating the entertainment world and solidifying VLL's foothold in key regions like the Middle East and Asia.
The company has a market cap of over Rs 1,000 crore. The stock gave multibagger returns of 167 per cent from its 52-week low of Rs 2.66 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
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