Vikas Lifecare Limited raises Rs 50 crore via QIP

Vikas Lifecare Limited has informed that the company board has approved the issuance and allotment of 12.50 crore equity shares to eligible qualified institutional buyers (QIBs). The company has informed the bourses about the same.

Through this qualified institutional placement (QIP) the diversified listed conglomerate will be launching Rs 50 crore from the investors by alloting the shares  at a price of Rs 4 per share, including a premium of Rs 3 apiece, a company statement said.

However, the issue price of Rs 4 per equity share is at a discount of Rs 0.10 or 4.52 per cent to the floor price of Rs 4.20, determined according to the SEBI's regulatory formulation. 
However, the company board has a right to allow a specific discount.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased to Rs 122.70 crore (Rs 1,22,70,70,991), the company said in a regulatory filing.

In the QIP, only three bidders have bagged the entire allocations of the equity shares, aggregating to 100 per cent, under the FPI category.

Forbes EMF has been alloted 5.4 crore equity shares or 43.2 per cent shares, whereas Nomura Singapore Ltd has been given 4.4 crore equity shares or 35.2 per cent. Remaining 2.7 crore shares or 21.6 per cent have been alloted to AG Dynamic Funds Limited.

Approved and finalized the confirmation of allocation note (CAN) would be sent to eligible qualified institutional buyers, intimating them of the allocation of equity shares pursuant to the issue.

Furthermore, Vikas Lifecare Limited, formerly known as Vikas Multicorp Limited, is likely to raise Rs 200 crore through QIP route only and this is the first tranche only. The company will raise the funds, aggregating to Rs 150 crore in the subsequent tranches, the company statement added.