Vikas Lifecare stock hits 5% upper circuit after acquiring 22.04% stake in Advik Laboratories

Vikas Lifecare Limited has acquired 22.04% of total outstanding shares through open/off-market deal(s) from public shareholders of Advik Laboratories Limited (‘Advik’), a BSE listed pharmaceuticals company having its Registered Office and Manufacturing Unit in Delhi NCR.

Chandan Kumar, CFO of the Company added “We will be infusing further Rs. 20 million in Advik to kickstart the operations and will subsequently line up more funds towards the working capital as the operations gain momentum.”

“We will now be focusing on a detailed analysis of the ground situation over the next 30-45 days, including the plant, raw material supply lines, WHO and other required registrations etc. and chalk out a plan accordingly to start the operations as soon as possible”. Vijay Sharma, CEO of the Company commenting on the occasion said. He further concluded stating “The recent series of fast and aggressive decisions venturing into newer business arenas to feed the growth spurt that had been targeted, and the instant response received from all sides, has generated a renewed energy for us. The acceleration is sure an exhilarating experience for the young and dynamic management as well as the frontline team.” 

In its regulatory filing, the company highlighted that it is pertinent to be shared that Advik management achieved an arrangement with its bankers for settlement of bank dues and pursuant to this arrangement Vikas Lifecare has already paid Rs. 25 million to the Advik bankers till the date and the remaining amount shall also be paid within the current month i.e. July 2021 itself, making Advik a Debt Free business.

On Sensex, Vikas Lifecare closed at the upper circuit Rs3.68 per piece up by 4.8%.

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( With inputs from indiainfoline)