Vikas Lifecare Limited Wraps Up QIP, Eyes Future Growth

Title: Vikas Lifecare Limited Successfully Concludes Qualified Institutions Placement

In a significant development for Vikas Lifecare Limited, the company has successfully concluded its Qualified Institutions Placement (QIP) process. Following the announcement made on January 29, 2024, regarding the opening of the Issue, Vikas Lifecare Limited has achieved another milestone as the Funds Raising Committee, in its meeting held on February 10, 2024, approved several crucial decisions.

Here are the key highlights from the recent developments:

1. Closure of the Issue: The company officially closed the Issue on February 10, 2024, subsequent to the reception of application forms and funds in the escrow account from eligible qualified institutional buyers. This marks a significant step forward in the company’s fundraising endeavors.

2. Determination of Issue Price: In adherence to SEBI ICDR Regulations, the issue price has been determined and approved at ₹6.75 per Equity Share, including a premium of ₹5.75 per Equity Share. Additionally, a floor price of ₹7.08 per Equity Share has been established, in accordance with regulatory guidelines.

3. Confirmation of Allocation Note (CAN): The Committee has finalized the Confirmation of Allocation Note (CAN), which will be dispatched to eligible qualified institutional buyers. This communication will formally notify them of the allocation of Equity Shares pursuant to the Issue, ensuring transparency and clarity in the process.

4. Adoption of Placement Document: The placement document, dated February 10, 2024, has been approved and adopted by the Committee. This document plays a crucial role in providing comprehensive information to potential investors, facilitating informed decision-making.

5. Allotment of Equity Shares: A total of 7,40,70,000 Equity Shares are slated for allotment to eligible qualified institutional buyers at the issue price, in accordance with the terms outlined in the Issue. The company will subsequently submit a list of allottees through a separate communication.

This development underscores Vikas Lifecare Limited’s commitment to enhancing shareholder value and strengthening its financial position. The successful closure of the QIP reflects investor confidence in the company’s growth prospects and strategic initiatives.

As Vikas Lifecare Limited continues to forge ahead in its journey, investors and stakeholders can anticipate further updates and advancements, solidifying its position as a prominent player in the healthcare sector. Stay tuned for more updates on Vikas Lifecare Limited’s endeavors and achievements.

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