Sunday, May 19, 2024

Vikas Lifecare Announces QIB Issue amounting up to Rs. 2000 million

BSE & NSE listed Vikas Lifecare Ltd. (BSE:542655, NSE: VIKASLIFE) has informed the
exchanges that the company’s fund-raising committee of the Board at its recent meeting held on May 25, 2022 approved size of present trench of QIB issue up to Rs. 500 million. The remaining amount of Rs. 1500 million will be raised by the Company through subsequent tranches. The company approved the floor price of the issue at Rs. 4.20 per equity share based on pricing formula as prescribed under SEBI regulations.

Earlier this month, the company had announced that it has entered into a Memorandum of Understanding to form a strategic alliance with Amity University, Uttar Pradesh, India, to strengthen its R&D Activities, Technology Transfers, for improving and augmenting its product offerings.

Under this partnership, Vikas Lifecare will work together with Amity University in selecting, evaluating and finally the commercial implementation of the technological innovations, ideas, molecules, formulations, products etc with a special focus on Eco Friendly Plastics & Renewable Energy Sources. Vikas Lifecare shall have pre-emptive rights on the innovations, technologies and products developed under this partnership.

It is through such partnership that among many significant business values, Vikas Lifecare find another agile and prestigious partner in its pursuit for providing better and affordable, advance-technology backed products.

Vikas Lifecare Ltd. (VLL) is an ISO 9001:2015 certified company, historically engaged in the business of trading and manufacturing of Polymer and Rubber compounds and Specialty Additives for Plastics, Synthetic &Natural Rubbers. The company has been conventionally engaged in various business segments including Polymer & Rubber Commodity (bulk consumption) Compounds and Master-Batches.

Manufacturing Up-Cycled Compounds from industrial and post-consumer waste and scrap materials like EVA, PVC, PP, PE etc., directly contributing to the Environment Protection initiatives from the Government of India and fulfilling the mandated EPR obligations for the conglomerates using hundreds of thousands of tonnes of plastic products and packaging materials.

VLL is also a Del-Credere agent of ONGC– The Oil and Natural Gas Corporation Ltd.” Petro Additions Limited, a public sector undertaking producing a wide variety of base polymers and commodity plastic raw materials.

VLL has a division engaged in Agro Products Business, The Company is empanelled with NAFED – The “National Agricultural Co Operative Federation of India” and HOFED – The “Uttar Pradesh Horticultural Co Operative Marketing Federation”.

As a long-term business strategy, the company has most recently diversified it’s business interests beyond raw materials (B2B businesses) and forayed into the B2C segment with a host of consumer products for FMCG, Agro, and Infrastructure Segments; paving way for an aggressive business growth with adding intricately planned and selected product portfolios via acquisitions, joint ventures and tie-ups. VLL intends establishing / acquiring businesses in diverse segments thereby expanding its business stakes and a footprint across the country and beyond.

The company recently acquired 75% stake in Genesis Gas Solutions Pvt. Ltd. engaged in the business of Smart Gas Meters being supplied to all the major Gas Distribution Companies for domestic and commercial consumers. Genesis pioneers in Smart Gas and Water Metering and commands about 20% of the Domestic Gas Metering business share in India.

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