Vikas Lifecare Limited has announced that the company board has approved the issuance and allotment of more than 10.75 crore equity shares to eligible qualified institutional buyers (QIBs). The company has informed the bourses about the same.

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In its regulatory filing, the company informed the exchanges that it has allotted 10,75,26,881 equity shares with a face value of Re 1 each to raise funds via qualified institutional placement (QIP) route.

Through this qualified institutional placement (QIP), the conglomerate will be raising Rs 50 crore from the investors by allocating the shares  at a price of Rs 4.65 per share, including a premium of Rs 3.65 apiece, an official statement. However, the issue price of Rs 4.65 per equity shares is at a discount of Rs 0.23 or 4.71 per cent to the floor price of Rs 4.88, determined according to the SEBI's regulatory formulation. The company board has a right to allow a specific discount.

In the QIP, only three bidders have bagged the entire allocations of the equity shares, aggregating to 100 per cent, under the FPI category.

Calypso Global Investment Fund has been alloted over 3.71 crore equity shares or 34.55 percent shares, whereas AG Dynamic Funds Limited has been given 3.6 crore equity shares or 33.45 percent. Remaining 2.44 crore shares or 32 percent have been alloted to Forbes EMF.

Approved and finalized the confirmation of allocation note (CAN) would be sent to eligible qualified institutional buyers, intimating them of the allocation of equity shares pursuant to the issue.

Furthermore, Vikas Lifecare Limited, formerly known as Vikas Multicorp Limited, is aiming to raise Rs 200 crore through QIP route in four tranches of Rs 50 crore each.