Recycling firm Vikas Lifecare announces closure of QIP issue

Recycling player Vikas Lifecare has announced the closure of its QIP (Qualified Institutions Placement) by allotting 7.40 crore equity shares to eligible qualified institutional buyers. 

Among those who have been allotted shares are AG Dynamics Funds Limited, Radiant Global Fund and others. 

The board approved the floor price for the issue at Rs 7.08 per equity share.

"...approved, in accordance with the SEBI ICDR Regulations, the issue price at ₹ 6.75 per Equity Share (including a premium of ₹ 5.75 per Equity Share), floor price of ₹ 7.08 per Equity Share (determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations and intimated in earlier communications), for the Equity Shares to be allotted to the eligible qualified institutional buyers in the present tranche," the company said in an exchange filing.

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Earlier, the recycling player's subsidiary Genesis Gas Solutions bagged an order worth Rs 495 million from Gujarat Gas Limited, India’s largest city gas distribution (CGD) company. 

According to an exchange filing, Genesis Gas Solutions has been awarded orders to supply 40,000 gas meters from Gujarat Gas.

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