Vikas Multicorp shares gain after deal announcement

Mumbai: Stock price of the speciality chemicals company Vikas Multicorp on Wednesday jumped by around 1% after it announced that a Mauritius based company has picked up a stake.

Mauritius based Albula Investment Fund Ltd. has bought 35 lakh shares at an average price of Rs. 8.30 in BSE listed speciality chemicals company Vikas Multicorp.

The company’s shares were trading at RS 8.37 up by 0.09 on Wednesday afternoon.

Vikas Multicorp had earlier announced that it had constituted an advisory board consisting of eminent personalities with the purpose of providing guidance and act as a sounding board to the senior leadership team in the company including the Board of Directors, the company said in a statement Wednesday.

The stake sale comes at a time when the company is looking to enter the food protection and personal hygiene segment of the FMCG industry. For this the company has planned an investment of around Rs 100 crore spread over next two years.

Vikas Multicorp said the demand of aluminium foil and tissue paper products in India has been growing at a fast pace and is expected to continue to grow in view of present per capita consumption is quite low.