Shares of Vikas Lifecare Ltd rose throughout the buying and selling session on Thursday after the corporate introduced plans to foray into the leisure business and purchase a stake in a Dubai-based firm. The corporate knowledgeable about this by way of an trade request throughout the session. Vikas Lifecare has ventured into newer enterprise segments, within the leisure and hospitality phase, and has made a major funding in buying 50 p.c stake in Portfolio Managing Occasions LLC, Dubai, UAE (PME Leisure), the corporate mentioned within the scholarship software. The acquisition includes a share swap settlement signed between VLL and the stakeholders of Portfolio Managing Occasions LLC, valued on the enterprise worth of Rs 201 crore. This acquisition will make room for the corporate to discover new thrilling alternatives within the leisure and occasion group business, it added. Following the announcement, shares of Vikas Lifecare rose round 6.65 per cent to Rs 7.05 throughout the buying and selling session on Thursday, for a complete market capitalization of over Rs 1,000 crore. The scrip had settled at Rs 7.05 within the earlier buying and selling session on Wednesday. Vikas Lifecare will purchase out half of the share capital of PME Leisure from its present shareholders by way of a share swap deal. Vikas Lifecare will make investments over Rs 100 crore for this strategic acquisition, the corporate mentioned in its submitting with the inventory exchanges on Thursday. PME Leisure is a worldwide leisure firm primarily based in Dubai, UAE. PME produces live shows and occasions for notable figures and celebrities similar to HRH King Charles of Nice Britain, the United Nations Common Meeting in New York Metropolis, the Norwegian Nobel Committee and Nobel Peace Prize Laureates. Vikas Lifecare is engaged within the manufacturing and commerce of polymer and rubber compounds and particular components for plastics, artificial and pure rubber. The corporate has lately diversified its enterprise pursuits past uncooked supplies and entered the B2C phase.
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