Small-cap stock below ₹5: FII-backed stock Vikas Lifecare jumps after announcement of JV with IGL
Small-cap stock below ₹5: Vikas Lifecare shares are one of those penny stocks that has attracted investment from foreign institutional investors (FIIs). In August 2022, two global investment firms AG Dynamic Funds Limited and Citrus Global Arbitrage Fund made investment in this small-cap stock.
The two FIIs bought stake in this small-cap penny stock during fund raise drive of the small-cap company. However, the penny stock is in news again.
The small-cap company has entered into the joint venture (JV) agreement with Indraprastha Gas Limited (IGL). This Vikas Lifecare and IGL JV aims to set up India's first integrated smart meter manufacturing unit at an expenditure of ₹110 crore.
The news break led to strong buying interest in the small-cap stock priced below ₹5 during early morning session on Monday. Vikas Lifecare share price today opened with an upside gap and went on to hit intraday high of ₹3.15 apiece on NSE, logging over 3 per cent rise against its Friday close of ₹3.05 apiece levels on NSE.
On Friday, the small-cap company had informed Indian stock market bourses about the JB with IGL citing, "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to our Media Release dated March 6, 2023 titled “Vikas Lifecare’s subsidiary Genesis Gas Solutions enters into Joint Venture Agreement with Indraprastha Gas Limited (IGL) to set up India’s first Integrated Smart Meter Manufacturing Plant with Capital Expenditure of ₹1100 millions." In August 2022, the small-cap company had announced fund raise programme in which two FII investment firms AG Dynamic Funds Limited and Citrus Global Arbitrage Fund bought stake in this penny stock below ₹5. As per the
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