QIP, QIB News: Vikas Lifecare to raise Rs 50 crore via 3rd tranche of Qualified Institutional Placement

Vikas Lifecare Limited (VLL) has informed that it has approved the size of third tranche of qualified institutional buyers (QIBs) amounting to upto Rs 200 crore. Akin to other previous two tranches, the third tranche for QIBs will amount to Rs 50 crore and remaining amount will be raised through the company via subsequent tranches, if any, the company said in the exchange filing.

"The company also approved and adopted the preliminary placement document dated November 15, 2022, together with the application form in connection with the issue. The issue opened on November 15," a company statement said.

The company board of Vikas Lifecare has approved the floor price of the issue being Rs 4.88 per equity shares, which is determined by the pricing formula as prescribed by SEBI, the company's filing added.

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.

In the filing, the company added the board will meet on or after November 18, 200  to consider and approve the issue price, including a discount if any, for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue.