Vikas Life Care Limited had informed the exchanges that Vikas Garg and Advik Capital Limited had entered into a share purchase agreement to buy 75 lakh shares or 33.26% stake of the NBFC company named Industrial Investment Trust (IITL).
Benchmark equity indices declined in early trade on Thursday amid heavy foreign fund outflows and selling in Reliance Industries and Tata Consultancy Services.Declining for the third day running, the 30-share BSE Sensex dropped 209.6 points to 73,256.79. The NSE Nifty dipped 77.7 points to 22,224.80.
From the Sensex basket, Larsen & Toubro went lower by over 3 per cent after March quarter earnings. Tata Consultancy Services, Tech Mahindra, ITC, Bajaj Finserv, Bharti Airtel and Reliance Industries were the other laggards. Mahindra & Mahindra, Titan, Maruti and Tata Motors were among the gainers.Amid this, no change was being recorded in the shares of Vikas Life Care Limited on Thursday. It was functioning at the level of Rs 5.10. The 52-week high level of shares of Vikas Life Care Limited with a market cap of around Rs 896 crore is Rs 8 while the 52-week low is Rs 2.70.
Vikas Life Care Limited had informed the exchanges that Vikas Garg and Advik Capital Limited had entered into a share purchase agreement to buy 75 lakh shares or 33.26% stake of the NBFC company named Industrial Investment Trust (IITL).
“Yesterday, the Target Company informed us that the said application has been returned by the RBI owing to “lack of regulatory comfort on account of existence of more than one NBFC in the resulting group.”
We would like to continue with the acquisition of shares and control over the Target Company and the existing open offer process, thus, we are in the process to re-file the application to RBI with the cooperation from the Target Company in this regard. Hence, it should not be considered as the refusal of statutory approval from RBI and open offer process will be continued in terms of provision of SEBI (SAST) Regulations, 2011,” said Vikas Lifecare in a regulatory filing.
Despite this setback, the company said that it is committed to pursuing the acquisition.
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