Vikas Lifecare Limited to invest in Kohinoor Foods Ltd

The Board of Directors of Vikas Lifecare Limited in their meeting held today i.e. Wednesday, January 25, 2023 at the Registered Office of the Company, has approved the proposal to invest up to Rs. 250 Crores in Kohinoor Foods Limited, 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 definite agreement with the existing promoters of Kohinoor Foods Limited for acquiring substantial stake in it, subject to necessary statutory approvals and due diligence.

Kohinoor Foods Limited is a NSE & BSE listed entity engaged in the business of Basmati Rice and other processed food products and is known for its quality products across the globe for last 5 decades.

It is pertinent to be shared that Kohinoor Foods management achieved an arrangement with its bankers for settlement of bank dues and pursuant to this arrangement Vikas Lifecare is aiming to make Kohinoor Food a debt free business.

Process is being initiated to appoint necessary intermediaries, Merchant Bankers, Legal Advisors, Industry Experts etc. to assist and advise for successful closure of the deal in targeted time.

Shares of Vikas Lifecare Limited was last trading in BSE at Rs. 4.72 as compared to the previous close of Rs. 4.44. The total number of shares traded during the day was 5392329 in over 6842 trades.

The stock hit an intraday high of Rs. 4.84 and intraday low of 4.30. The net turnover during the day was Rs. 24716438.00.

Source : Equity Bulls

Keywords

VikasLifecare INE161L01027 Investment KohinoorFoods