April 24, 2024
Funds

Penny stock below ₹10: Mauritius-based FII AG Dynamics Funds invests in Vikas Lifecare


Mauritius-based AG Dynamics Funds Limited has invested in Vikas Lifecare Ltd via the QIB route. The penny stock priced under 10 had offered shares of the company at 4.80 apiece for QIBs. Following this fund rage move of Vikas Lifecare Ltd, Foreign Institutional Investors (FIIs) applied for the offer to en-cash the opportunity as QIB investors under the FPI category. The share allotment committee on Wednesday approved share allotment to three FIIs — Coeus Global Opportunities Fund, AG Dynamics Fund, and Nakshatra Stressed Assets Fund.

Share allotment details

The penny stock under 10 informed Indian stock market exchanges about the share allotment citing, “We wish to inform you that in furtherance to our earlier intimation dated January 2, 2024, intimating inter alia opening of the Issue (Qualified Institutions Placement) on January 1, 2024, the Funds Raising Committee of the Company, at its meeting held today i.e. January 10, 2024, has inter alia approved the following: a) approved the closure of the Issue today (i.e. January 10, 2024) post receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the Issue; b) determined and approved, in accordance with the SEBI ICDR Regulations, the issue price at 4.80 per Equity Share (including a premium of 3.80 per Equity Share), floor price of 5.02 per Equity Share (determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations and intimated in earlier communications), for the Equity Shares to be allotted to the eligible qualified institutional buyers in the present tranche.”

As per the details made available in an exchange filing, Vikas Lifecare Ltd said that Coeus Global Opportunities Fund was allotted the maximum pie of the QIB offer as the FII was allotted 4,16,50,000 Vikas Lifecare shares, which is 39.98 per cent of the total offer. mauritius-based FII — AG Dynamics Fund Limited has been allotted 3,17,90,000 Vikas Lifecare shares, which is 30.52 per cent of the total QIB offer. Rest 29.50 per cent of the offer has been allotted to Nakshatra Stressed Assets Fund as it has been allotted 3,07,25,000 company shares.

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