Beating all the chances amid headwinds led by China resurgence, macro challenges and weak demand, small cap recycling participant Vikas Lifecare has introduced plans to raising funds via preferential foundation. Based out of Delhi, Vikas Lifecare is del-credere agent of state-run Oil and Natural Gas Corporation (ONGC). It provides all kinds of base polymers and commodity uncooked materials to the general public sector endeavor beneath the Ministry of Petroleum and Natural Gas.
According to a BSE submitting, its board will meet subsequent on Thursday to approve the issuance of securities, convertible devices on preferential foundation not exceeding Rs 400 million to promoter Vikas Garg. Besides, it’s going to additionally contemplate rising authorised capital and consequent alteration in memorandum of affiliation (MoA).
A preferential issue is a company occasion via which a listed agency raises funds by issuing warrants to the shareholders. Under The Companies Act, 2013, listed firms can elevate funds via strategies like preferential allotment, proper issue, sweat fairness shares amongst others.
Earlier, a PTI report had stated that Vikas Lifecare will arrange a sensible meter manufacturing plant in a three way partnership with the nation’s main metropolis fuel distribution firm Indraprastha Gas Limited (IGL). The three way partnership will make investments Rs 110 crore to arrange India’s first built-in sensible meter manufacturing unit.
IGL will maintain a 51 per cent stake within the three way partnership which can manufacture fuel meters and totally manufactured fuel meters, promoting, distributing and provide of fuel meters, hand-held unit (HU) and information focus unit (DCU).
Its subsidiary Genesis Gas Solutions, a pioneer in sensible fuel and water metering, has additionally secured orders for supplying Ultrasonic Meters Gas Meters to Indraprastha Gas Limited. Genesis Gas Solutions has roughly 20 per cent of the home fuel metering share within the nation.
Ultrasonic meters are thought-about the very best in efficacy when it comes to accuracy and reliability. The upcoming manufacturing unit is essential as it’s going to present impetus to the federal government’s goal of putting in 250 million sensible meters by 2025 within the nation as a part of its effort to to modernize the nation’s power infrastructure.
Meanwhile, its shares shares on Tuesday closed at Rs 3.87 apiece, in keeping with data out there on BSE web site.
