Penny stock under ₹5 jumps 12% on ₹40 crore fund raise buzz. Do you own?
Penny stock under ₹5: Despite weak sentiments on Dalal Street, Vikas Lifecare shares have been in uptrend since early morning deals on Monday. The small-cap stock with a market cap of ₹546 crore today opened upside and went on to hit intraday high of ₹3.80 apiece levels on NSE, logging near 12 per cent during Monday deals.
The penny stock under ₹5 has informed Indian stock market exchanges that its board of directors have receive proposal for fund raise up to ₹40 crore. The penny stock under ₹10 went on to add that the fund raise has been proposed via preferential issue and board of directors would consider and approve this fund raise proposal in its board meeting scheduled on 31st August 2023.
Penny stock under ₹5 informed about the fund raise proposal citing, "In terms of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the meeting of the Board of Directors of the Company shall be convened on Thursday, August 31, 2023 at the Registered office of the Company at G-1, 34/1, East Punjabi Bagh, New Delhi - 110026, inter-alia, 1] to issue of securities, convertible instruments on preferential basis to Mr. Vikas Garg, promoter of the Company, who signified his intent in writing to subscribe additional equity/convertible instrument / warrants, or any other combination thereof, in cash, at premium, for an amount not exceeding Rs.
400 Million ( ₹40 crore); 2] to consider and approve any other item(s) with the permission of the Chair." Recently, Vikas Lifecare Ltd was in news for acquiring substantial stake in MSR Apparels Private Limited — a company which is engaged in the manufacture of all types of textile garments and clothing accessories. To diversify
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