According to an exchange filing, the board has approved the issue price at Rs 6.75 per equity share.
Share Market News: Vikas Lifecare has informed exchanges that its Funds Raising Committee has approved the allotment of Rs 7.40 crore equity shares at the issue price to eligible qualified institutional buyers. According to an exchange filing, the board has approved the issue price at Rs 6.75 per equity share.
“…determined and approved, in accordance with the SEBI ICDR Regulations, the issue price at ₹ 6.75 per Equity Share (including a premium of ₹ 5.75 per Equity Share), floor price of ₹ 7.08 per Equity Share (determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations and intimated in earlier communications), for the Equity Shares to be allotted to the eligible qualified institutional buyers in the present tranche,” the company said in an exchange filing.
Earlier, Vikas Lifecare Limited invested towards the acquisition of a Non-Banking Finance Company (NBFC) Industrial Investment Trust Limited (IITL/Target Company) together with its promoter Dr. Vikas Garg and M/s Advik Capital Limited, promoters’ another entity.
In this all-cash transaction, for acquiring control and management of the target company, existing IITL promoters’ equity i.e. 41.72% of the total outstanding share-capital, is being purchased for a consideration amounting Rs. 2586.95 million approx., wherein for ~33.26% Equity Shares of IITL, Vikas Lifecare Limited shall be paying approx. Rs. 2062.5 million, and remaining 8.46% shall be acquired by Dr. Vikas Garg and M/s Advik Capital Limited, by paying approx. Rs. 524.44 million.
Statutory Public Announcement for Open Offer, has already been made by the Corporate Professionals-Category-1 Merchant Bankers, for acquisition of another up to 26.00% of the outstanding paid-up Equity Share Capital of IITL from the public shareholders, on behalf of the acquirers i.e. Dr. Vikas Garg, Vikas Lifecare Limited, and M/s Advik Capital Limited.
Disclaimer: The article is for informational purposes only and not investment advice.