Penny Stock Below Rs 10 Okays Allotment of 24.25 Cr Warrants On Preferential Basis

On Saturday, Vikas Lifecare, a small-cap company in the commercial services industry, closed 1.67% higher at Rs 6.10 a share following the announcement of the preferential allotment of 24.25 Cr of warrants.

The Board of Directors of the company in their meeting held on Saturday, March 2, 2024 "considered and approved, pursuant to the members' approval obtained in the Annual General Meeting of the company held on September 30, 2023 by means of passing a Special Resolution and 'In-Principal Approval' obtained from the Stock Exchange where securities of the Company is listed i.e. BSE Limited and National Stock Exchange of India Limited, allotment of 24,25,00,000 (Twenty Four Crores Twenty Five Lakhs) fully Convertible Warrants ('Warrants'), carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant, to 'Promoter' on preferential basis at an issue price of Rs. 4/- (Rupees Four Only) per warrant, after receipt of subscription amount being 25% of the issue price," said Vikas Lifecare in a stock exchange filing.

"Further, these warrants allotted on preferential basis shall be locked-in for specified period in accordance with the provisions of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. Warrants allotted to the Allottees, at the discretion of Board of Directors or Board Committee, may get listed on the Stock Exchanges in terms of Chapter V of SEBI (ICDR) Regulations, 2018," said the company in a regulatory filing on Saturday.

Vikas Lifecare Limited (VLL) and its subsidiary, SKY2.0, recently announced on March 1st, 2024, that A7S would be making a special guest appearance at the SKY2.0 Club in Dubai on Saturday, March 2nd, 2024. The Swedish talent behind the worldwide smash song "Breaking Me," A7S, is about to wow the crowd with a performance they will never forget. VLL entered the entertainment industry when it acquired SKY 2.0 Club. It is a cutting-edge independent nightclub located in the heart of the UAE's Dubai Design District.