Penny Stock Below Rs 10 Rally 6% On Venturing Into New Business Segment For Rs. 1.0 Billion

Vikas Lifecare Ltd.'s shares commenced trading on the BSE on Thursday at Rs. 6.73 a share, but they quickly gained, reaching an intraday high of Rs. 7.05 a share, or 6.65% more than their previous close. The spike in penny stock shares below Rs 10 was seen following the entry into a new business segment.

In an attempt to go into new business space, Vikas Lifecare Limited has ventured into the entertainment and hospitality industry, investing a substantial amount of money to acquire a 50% stake in M/s Portfolio Managing Events LLC, headquartered in Dubai, United Arab Emirates (PME Entertainment). The transaction, which has an enterprise value of INR 2010 million, is a share swap agreement made by VLL and the stakeholders of Portfolio Managing Events LLC. The firm will be able to investigate brand-new, intriguing possibilities in the entertainment and event planning sectors thanks to this deal.

"Vikas Lifecare Limited in its quest to venture into new age businesses has taken the leap with venturing into the entertainment and hospitality business segment making a sizeable investment in acquiring 50% equity of M/s Portfolio Managing Events LLC, Dubai, UAE (PME Entertainment)," said the company in a stock exchange filing.

Vikas Lifecare will invest more than INR 1 billion in this strategic acquisition as it would acquire 50% equity of PME Entertainment from its current shareholders through a share swap agreement. The deal was arranged at the enterprise value of INR 2010 million. The firm will be able to investigate brand-new, intriguing prospects in the entertainment and event planning sectors thanks to this agreement.
Based in Dubai, United Arab Emirates, PME Entertainment is a global entertainment corporation. PME has been organising concerts and events for world leaders and celebrities, including the Norwegian Nobel Committee, HRH King Charles of the United Kingdom, the UN General Assembly in New York City, and Nobel Peace Prize winners.

"PME holds the rights to The Miss World competition event for the next 3 years, while Vikas Lifecare acquires the considerable stake at PME, it will be an endeavour to bring the Miss World'2024 event to India after a gap of about 27 Years while the last Miss World Pageant organised in India was organised by a company owned by the legendary Mr. Amitabh Bachchan in the year 1996," said Vikas Lifecare in a regulatory filing.