Vikas Lifecare to launch a Rs 200 crore QIP - Price per equity share, face value and other details

Vikas Lifecare Limited has informed that it will raise Rs 200 crore through qualified institutional placement (QIP). "The company will raise the funds in tranches. In the first tranche, the board has approved to raise Rs 50 crore. The remaining Rs 150 crore will be raised via subsequent tranches by the company," a company statement said.

The company board has approved and fixed the floor price for the issue at Rs 4.20 per equity share, with a face value of Re 1 each and the price has been derived by the pricing formula as prescribed under the SEBI ICDR Regulations, Vikas Lifecare Limited informed.

"The issue price will be determined by the Company in consultation with the book running lead managers appointed for the issue. The Company may at its discretion offer a discount of not more than 5 per cent on the floor price for the issue," the statement added.

As per company, its fund raising committee will meet to consider and approve the issue price, including a discount, if any, permitted under the SEBI's regulations. The equity shares will be alloted to the qualified institutional buyers.

The company says it has received the principal approval from the same of its board, shareholders through postal ballots and stock exchanges.