PHOTO
Vikas Lifecare Limited (VLL), an Indian manufacturing firm listed on the Bombay Stock Exchange, has plans to launch a subsidiary in the UAE to undertake more commercial investments in the country.
According to a stock exchange filing, the company, which trades in polymer and additive related chemicals, said a proposal had been submitted to incorporate a Limited Liability Company in Dubai, under the name Vikas Lifecare LLC or any other, subject to regulatory approval by the Department of Economic and Tourism (DET).
“The proposed subsidiary company shall carry out business in the field of investment in commercial enterprises and management or another [sic] activities as may be approved by the DET,” the company said.
On January 29, the company’s fundraising committee approved a proposal to raise 500 million Indian rupees ($6.03 million) through a qualified institutional placement (QIP), which permits Indian-listed companies to raise capital from domestic markets by issuing equities without submitting pre-issue filings to market regulators.
In January, VLL acquired a majority stake in the nightclub Sky 2.0, located in the Dubai Design District (d3), for $79 million. This was preceded by acquiring a 50% stake in the Dubai-based event management company, Portfolio Managing Events LLC (PME Entertainment) in a share swap deal for INR1 billion.
(Writing by Bindu Rai, editing by Seban Scaria)
