Multibagger Penny Stock To Acquire 60% Stake In Dubai's SKY 2.0 Club For USD 79 Mn

Small cap company Vikas Lifecare Ltd informed via its BSE filing that it plans to acquire 60% stake in Dubai-based SKY 2.0 Club for USD 79 million (around Rs 650 crore). The acquisition process is expected to be completed in the current financial year, as per the BSE filing of Vikas Lifecare.

According to the exchange filing, "The acquisition is a share swap deal signed between Vikas Lifecare Limited and the holding company M/s Blue Sky Event Hall FZ-LLC, Dubai, for acquisition of 60% stakes in the SKY 2.0 Club business and all future business ventures in the relevant business segment at an enterprise valuation of about USD 130 Million. The acquisition process shall be completed within this Fiscal Year."

About SKY 2.0: The SKY 2.0 is "The Largest Nightclub in the Middle East and Asia", a striking standalone, Open-Air Venue anchored in the heart of the upscale "Dubai Design District". The SKY 2.0 is unlike any other venue; is an experiential trailblazer that promises memorable evenings literally under the Skies, offering world-class entertainment, ground-breaking technology and exemplary service are all guaranteed.

Vikas Lifecare Stock Performance & Return: Last trading price of Vikas Lifecare shares on BSE is Rs 6.70 per share with intraday decline of 0.89% as on January 20, 2024. The 52-week high price of Vikas Lifecare shares on BSE is Rs 7.40 per share and 52-week low price is Rs 2.66 per share, respectively. The company has a market capitalisation of Rs 1032.54 crore.

Vikas Lifecare shares offered return of 35% year-to-date, gained 37% in last 1-month, soared 116% in last 6-months, and jumped 49% in last 1-year. In last 2-years, Vikas Lifecare shares declined 16% and offered return of 82% in last 3-years.

Earlier this month on January 18, Vikas Lifecare declared acquiring a 50% stake in UAE-based Portfolio Managing Events LLC for Rs 100 crore.

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.