Vikas Lifecare Limited has said that it has raised Rs 50 crore through qualified institutional placement (QIP) route. The company has informed the bourses about the same by means of its regulatory filing.

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"Vikas Lifecare, formerly known as Vikas Multicorp, had announced to raise Rs 200 crore through QIP route and this marks its second tranche. Its first tranche was issued in June 2022," an official statement said. The company's board of directors and fund raising committee approved the issuance of 10,41,66,666 equity shares with a face value of Re 1 each to the qualified institutional buyers.

"The latest tranche of QIP has been issued to two FPI category investors at a price of Rs 4.8 per equity share, aggregating to Rs 50 crore. The issue price is at a discount of 5 per cent to the determined floor price of Rs 5.03. Shares have been issued at a 9 per cent discount to company's closing price at Rs 5.26 on Wednesday. The allocation between the two investors has been divided equally. AG Dynamic Funds and Citrus Global Arbitrage Fund have been allotted 5,20,83,333 shares each worth Rs 25 crore," the statement from Vikas Lifecare added.

In pursuant to the allotment of equity shares, the paid-up equity share capital of the company has increased to Rs 1,33,12,37,657 (including outstanding partly paid-up shares). In June this year, Vikas Lifecare Limited had raised Rs 50 crore through issuance and allotment of 12.5 crore equity shares in another tranche of QIP.

In its previous QIP tranche, Forbes EMF, Nomura Singapore and AG Dynamic Funds had shared the entire allotment. The company will raise the remaining funds, aggregating to Rs 100 crore in the subsequent tranches.