Penny Stock News: Vikas Lifecare Announces Share Purchase Agreement of 75 Lakh Shares

Penny stock below Rs. 10 Vikas Lifecare has gained attention following the company's entry into the Share Purchase Agreement (SPA) with Mr. Vikas Garg and Advik Capital Limited, the acquirers for the acquisition of a stake of 75 lakh equity shares, or 33.26% of the issued and paid-up share capital of Industrial Investment Trust Limited, through an open offer on Wednesday.

"Yesterday, the Target Company informed us that the said application has been returned by the RBI owing to "lack of regulatory comfort on account of existence of more than one NBFC in the resulting group." We would like to continue with the acquisition of shares and control over the Target Company and the existing open offer process, thus, we are in process to re-file the application to RBI with the cooperation from the Target Company in this regard. Hence, it should not be considered as the refusal of statutory approval from RBI and open offer process will be continued in terms of provision of SEBI (SAST) Regulations, 2011," said Vikas Lifecare in a regulatory filing.

It was recently announced by Vikas Lifecare that it has contributed an additional Rs. 85 million to its step-down joint venture, IGL Genesis Technologies Ltd. (IGTL), which is a joint venture between the company's subsidiary Genesis Gas Solutions Pvt. Ltd. (GGSPL) and Indraprastha Gas Ltd. (IGL), in order to cover the capital expenditures associated with the establishment of a plant in NOIDA, Uttar Pradesh, that will manufacture smart gas meters in India.

On Wednesday, the shares of Vikas Lifecare were trading at Rs 5.09 apiece during the afternoon deals. The penny stock with a market cap of Rs 819 Cr made a 52-week-high of Rs 7.92 on (23/01/2024) and a 52-week-low of Rs 2.66 on (24/05/2023). The securities of the company are listed on both the Stock Exchanges, BSE (Scrip Code: 542655) and NSE (Symbol: VIKASLIFE). As per the data of Trendlyne, the stock price rose 64.52% and underperformed its sector by 37.35% in the past year while on a YTD basis, the stock has surged by 3.03% so far in 2024.

The ISO 9001:2015 certified Vikas Lifecare Limited (VLL) is primarily involved in the production and distribution of polymer and rubber compounds, as well as specialty additives for plastics and synthetic and natural rubber. Bulk-consumption polymer and rubber products, masterbatches, and up-cycled compounds made from post-consumer and industrial waste materials (EVA, PVC, PP, PE, etc.) are manufactured by the company. Arvind Gupta, Anil Kumar, Ruby Bansal, Parul Rai, Vijay Kumar Sharma, Mr. Sundeep Kumar Dhawan, Richa Sharma, and Chandan Kumar are the promoter or promoters of Vikas Lifecare Ltd.