Promoter allocated 3,45,00,000 equity shares on conversion of warrants via preferential issue of this penny stock under Rs 10

From Rs 3.01 per share (52-week low) to Rs 5.10 per share, the stock is up by 69.43 per cent.

The Board of Directors of Vikas Lifecare Limited (VLL) approved the conversion of 3,45,00,000 warrants held by the promoter (Mr Vikas Garg) into the same number of equity shares. The face value of each share is Re 1, but the issue price is Rs 4, including a premium of Rs 3. Promoter received this preferential allotment after paying the remaining 75 per cent (Rs 3) of the issue price per warrant, totalling Rs 10,35,00,000. These warrants were originally allotted in March 2024 with the right to convert them into equity shares upon paying 25 per cent (Re 1) of the issue price. This conversion increases the company's issued and paid-up capital to Rs 185,76,68,560 and the new shares rank equally with existing ones. There are no outstanding warrants for conversion.

Additionally, Vikas Lifecare Limited (VLL) is part of a consortium led by Eraaya Lifespaces Limited that has received approval for its Plan Support Agreement from Ebix Inc.'s independent directors. This agreement lays out the terms for the consortium, with Vikas Lifecare acting as the initial bidder, to acquire Ebix's entire equity (100%) through a Chapter 11 Plan of Reorganization. This court-supervised process aims to help Ebix and its affiliated debtors emerge from bankruptcy by transferring all of Ebix's equity, including global subsidiaries' assets and liabilities (excluding North America) to the consortium, with specifics outlined in the agreement. Vikas Lifecare, along with the consortium, is committed to working with Ebix to ensure a successful exit from Chapter 11 through this sponsored plan

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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 April 2024, the promoter of the company increased their stake to 12.17 per cent compared to 11.35 per cent in March 2023. Today, shares of Vikas Lifecare Limited gained 2.62 per cent to an intraday high of Rs 5.10 per share from its previous closing of Rs 4.97 per share. The stock’s 52-week high is Rs 7.92 while its 52-week low is Rs 3.01. The company has a market cap of over Rs 800 crore. From Rs 3.01 per share (52-week low) to Rs 5.10 per share, the stock is up by 69.43 per cent.

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