Vikas Lifecare jumps on getting the nod to invest Rs 250 crore in Kohinoor Foods
Today, the scrip opened at Rs 4.44 and has touched a high and low of Rs 4.84 and Rs 4.30, respectively.
On Wednesday, shares of Vikas Lifecare closed at Rs 4.72, up by 6.31% from its previous closing of Rs 4.44 on the BSE.
In line with the company’s pre-defined long-term growth strategies, Vikas Lifecare’s Board of Directors has accorded their approval to invest up to Rs 250 crore in Kohinoor Foods, with an objective of broad-basing the company’s product portfolio, and strengthening its positioning in industry matrix, complimenting and supplementing the existing business lines of the company by way of fresh equity, quasi capital, or any combination thereof, and to enter into a definitive agreement with the existing promoters of Kohinoor Foods for acquiring a substantial stake in it, subject to necessary statutory approvals and due diligence.
This acquisition will enable Vikas Lifecare to augment its product portfolio and enhance its market presence in the FMCG space, which currently includes a nascent stage. This investment is in line with the company's future-oriented growth strategy articulated to focus on building a robust portfolio of products.
Vikas Lifecare Ltd is principally engaged in the business of manufacturing and trading Plastic, polymer and chemicals, and Plastic Products. It has also started dealing in FMCG Products like aluminium foils, and processed food products.
The BSE group 'B' stock of face value of Rs 1 has a 52-week high and low of Rs 7.24 and Rs 3.63, respectively.
Last one week high and low of the scrip stood at Rs 4.84 and Rs 4.42 respectively. The current market cap of the company is Rs 679.01 crore. The promoters holding in the company stood at 11.36%, while Institutions and Non-Institutions held 8.07% and 80.57%, respectively.
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