Vikas Lifecare Shares In Green On Announcing 1st Tranche of QIP of Rs 500 Million

Vikas Lifecare's shares began trading on the BSE on Wednesday at Rs 5.22 a share and climbed to Rs 5.32, marking a gain of 1.72% from the previous close of Rs 5.23. Following the company's Board of Directors announcement of the first tranche, which may total up to Rs 500 million, there was a surge in the stock price.

"We wish to inform you that pursuant to the approval of the board of directors of the Company (the "Board"), at its meeting held on May 23, 2023, and the shareholders resolution passed on September 30, 2023 in Annual General Meeting and in-principle approval(s) received from both the Stock Exchanges, namely BSE Limited dated January 1, 2024 and National Stock Exchange of India Limited dated January 1, 2024 for QIP Issue, the Fund Raising Committee (the 'Committee'), at its meeting held on i.e. January 1, 2024 which commenced at 8:30 P.M. and concluded at 9:15 P.M., has inter alia: a) approved size of present trench (being 1st Tranche of QIP not exceeding to Rs 500 million and the remaining amount of Rs 500 million will be raised by the Company in second/subsequent trench.

Issue amounting not exceeding to Rs 1000 Million as approved by the members in 28th Annual General Meeting dated September 30, 2023; b) approved and adopted the preliminary placement document dated January 1, 2024, together with the application form in connection with the Issue; c) authorized the opening of the Issue, i.e. January 1, 2024; and d) approved the floor price for the Issue, being Rs 5.02 per Equity Share ("Floor Price"), based on the pricing formula as prescribed under the SEBI ICDR Regulations," said Vikas Lifecare in a stock exchange.

"The 'relevant date' for the purpose of the Issue, in terms of Regulation 171(b)(i) of the SEBI ICDR Regulations, is January 1, 2024, and the Floor Price in respect of the Issue has been determined according to the same, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations," as per a stock exchange filing.

The company will decide on the Issue price after consulting with the book-running lead managers that have been assigned to the Issue. In addition, the company may, at its option, offer a discount of no more than 5% on the floor price for the issue in line with Regulation 176(1) of the SEBI ICDR Regulations and with the consent of the shareholders granted through a special resolution passed on September 30, 2023, through Annual General Meeting.
The stock reached a 52-week-high of Rs 7.05 (12/09/2023) and a 52-week-low of Rs 2.66 on (24/05/2023).