In order to expand its retail footprint, trading and distribution company Vikas Lifecare has announced an all-cash deal worth Rs 15 crore to buy a 30 per cent stake or 30,000 shares of the retail chain.
Delhi-based Abhyam Services has a 100 per cent subsidiary named ‘Ardh Sainik Services Private Limited’ with incorporation date as August 16, 2016. The deal is likely to be executed by March 28, 2023.
Following the announcement, shares of Vikas Lifecare zoomed 7 per cent to Rs 5.4 apiece, before trading at Rs 5.24 at 10.15 am. The scrip was settled at Rs 5.05 on BSE on Monday.
Vikas Lifecare has been in the retail market, e-commerce for consumer products and the agro-products business segment. The company expanded exponentially during the recent 12-18 months.
Ardh Sainik Canteen Stores (ASC) is a unique concept for a chain of retail stores being operated by retired paramilitary personnels or family members of existing jawans at their hometowns.
The present network of ASC comprises 600 running canteens. They provide products from various segments- groceries, personal care, fashion, stationery, electronics and home care products- present in over 150 tehsils across India and it aims to expand to 5,600 tehsils in the coming months.
It sells the products of companies such as
Reckitt Benckiser, , Himalaya, , , Philips India, Haier, Parle Agro, Bajaj Consumer, , and more.
Vikas Lifecare is engaged in conventional business in the field of manufacturing of polymer and rubber compounds and specialty additives for plastics, synthetic and natural rubbers. The stock has doubled investors’ wealth in little more than a year.