Vikas Lifecare board approves plan to raise Rs 97 crore

Recycling player Vikas Lifecare Ltd plans to raise up to Rs 97 crore through the issuance of warrants on preferential basis. The board of the company has already approved the Rs 97-crore fundraising proposal, Vikas Lifecare said in a statement on Saturday.

"Board of Directors of the company on September 6, 2023... Reviewed and decided... Allotment of warrants on preferential issue to the promoters of the company only," it said.

Under the proposal, the company aims to raise up to Rs 97 crore through issuance of 24.25 crore fully-convertible warrants at an issue price of Rs 4 each.

The company will seek shareholders' nod for the proposal at its Annual General Meeting (AGM) scheduled on September 30, 2023.

The amount raised will be utilised towards working capital and for supporting expansion plan, it said.

Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.