Smallcap Recycling Player Vikas Lifecare Announces Conversion of 3.5 Warrants Into Equity. Image Source: CanvaPro
Vikas Lifecare, a key player in the recycling sector, announced today the conversion of 3.5 crore warrants into equity shares. The decision was made during the company’s board meeting held on Wednesday, March 20 according to a regulatory filing.
Allotment Details
The conversion entails the issuance of 3.5 crore equity shares at an issue price of Rs 4 each, including a premium of Rs 3 per share. The allotment will be made to both promoters and non-promoters/public category on a preferential basis. However, the allotment is contingent upon the receipt of the remaining balance amount totaling Rs 10,50,00,000/- (Rupees Ten Crore and Fifty Lakhs Only), at a rate of Rs 3/- (Rupees Three only) per warrant, representing 75% of the issue price per warrant, as stated in the company’s official statement.
Vikas Lifecare specializes in recycling plastic waste to produce pallets and interlocking tiles primarily utilized in various industrial applications, notably in construction projects.
Expansion Plans
The company has been actively pursuing expansion strategies. Earlier in January, it sanctioned a proposal to establish a subsidiary entity in the United Arab Emirates (UAE) aimed at engaging in commercial investments. Shedding light on this move, Vikas Lifecare highlighted that the proposed subsidiary would focus on investment activities in commercial enterprises, subject to approval by the Department of Economic Development (DET).
Moreover, the company’s fundraising committee recently greenlit a plan to secure Rs 50 crore through the Qualified Institutional Placement (QIP) route, underscoring Vikas Lifecare’s commitment to bolstering its financial resources for strategic growth initiatives.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
