Small cap stock below ₹10: Penny stock Vikas Lifecare offers preferential shares at ₹4 apiece to raise ₹40 crore
Small-cap stock below ₹10: Vikas Lifecare shares are one of the penny stocks under 10 rupees and the small-cap stock may have more stock float in coming times. The board of directors of the penny stock under ₹10 has approve issuance of additional 10 crore warrants convertible into equities on preferential basis. The preferential shares have been price at ₹4 per share, which is currently available at a premium of near 7 per cent as Vikas Lifecare share price today is ₹4.30 apiece on NSE.
The aim of this preferential issue is to raise funds to the tune of ₹40 crore. The small-cap company informed Indian stock market bourses about the fund raise approval, the small-cap company said, "In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in their meeting held today i.e. on Thursday, August 31, 2023 at the Registered Office of the Company situated at G-1, 34/1, East Punjabi Bagh, New Delhi -110026, inter-alia: 1] Preferential Allotment to Promoter: to allot up to 10,00,00,000 (Ten Crores only) Compulsorily Convertible Warrants ('Warrants'), at premium, for cash to Mr.
Vikas Garg, Promoter of the Company on preferential basis at an issue price of Rs. 4/- (Rupees Four Only) per Warrant, subject to shareholders' and other statutory/regulatory approvals, aggregating amount of up to Rs. 400 Millions (the issue)." "Mr.
Vikas Garg, Promoter of the Company shall be entitled to get these warrants converted into equal number of Equity Share of Re. 1/- of the Company by paying the full issue price of Rs. 4/- per Warrant (including a premium of Rs.
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