FII-Backed Penny Stock Issues Acquisition Update On Ebix, Shares Rise 61.52%

Small cap company Vikas Lifecare Ltd shares today gained 2.51% after the company issued fresh update on acquisition deal of Ebix Inc. The FII-backed penny stock will hold its meeting of Board of Directors on July 20 to consider financial results for the quarter ended June 30, 2024. Current market price of Vikas Lifecare share on BSE is Rs 5.31 per share. Vikas Lifecare shares offered return of 61.52% in last 1-year time. Check key details pertaining to the penny stock below:

Vikas Lifecare Gives Acquisition Update On Ebix: As per the exchange filing of Vikas Lifecare issued on July 18, 2024, "the Consortium Led by Eraaya Lifespaces Limited has remitted an amount of USD 12 Million (INR 101 Crores Approx) and further to this USD 35 Million (INR 293 Crores Approx) will be remitted within July 2024. The Plan Support Agreement submitted by "The Consortium" including Vikas Lifecare Limited, as the Stalking Horse Bidder for the acquisition of 100% of the equity of Ebix Inc. ("Ebix"), has been approved by the Independent Directors of Ebix. Inc. The Consortium is led by Eraaya Lifespaces Limited (BSE Symbol: ERAAYA | 531035 ISIN: INE432F01024)."

In accordance with the Stalking Horse Plan Support Agreement, The Consortium had earlier remitted the USD 7.25 Million (INR 61.50 Crores Approx) cash deposit as required for the process and subsequently remitted USD 2.5 Million (INR 21 Crores Approx) and the aforementioned remittance of USD 12 Million (INR 101 crores Approx) making it a total of USD 21.75 Million (INR 181 Crores Approx) deposited so far towards the acquisition process, added the BSE filing.

Earlier on April 22, Vikas Lifecare bagged significant orders for its Agro Products Division. The division has bagged an order for rice, valued about INR 500 Million, bolstering its presence in the premium and organic rice segments.
Vikas Lifecare Shares Performance: The 52-week high price of Vikas Lifecare share on BSE is Rs 7.92 per share (as on 23/01/2024) and 52-week low price is Rs 3.01 per share (as on 31/07/2023), respectively. Vikas Lifecare shares zoomed over 2% in last 2-weeks, fell 2.74% in last 2-weeks, declined 19% in last 6-months, soared 44% in last 3-years, and rose 120% in last 5-years.

FIIs Stake In Vikas Lifecare: The stock has backing of FII (Foreign Institutional Investors). As of April 18, 2024, FIIs stake in Vikas Likfecare stood at 4.1% stake in Vikas Lifecare. Promoters have increased holdings from 11.40% to 11.76% in March 2024 quarter. FII/FPI have increased holdings from 0.02% to 4.35% in March 2024 quarter. Number of FII/FPI investors increased from 5 to 12 in March 2024 quarter. Institutional Investors have increased holdings from 0.02% to 4.35% in March 2024 quarter, according to Trendlyne.

Vikas Lifecare About: Vikas Lifecare Limited (VLL) is engaged in manufacturing and trading of Polymer and Rubber compounds and Specialty Additives for Plastics, Synthetic & Natural Rubber. Polymer & Rubber Commodity (bulk consumption) Compounds and Master-Batches (Manufacturing up- cycled compounds from industrial and post-consumer waste materials like EVA, PVC, PP, PE etc.), contributing to the Environment Protection initiatives from the Government of India and fulfilling the mandated EPR obligations for the conglomerates consuming hundreds of thousands of tons of plastic products and packaging materials.

Ebix About: EBIX INC. is a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, EBIX INC., (NASDAQ: EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry.

Disclaimer:

The stock highlights update on acquisition of Ebix and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.