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Multibagger smallcap stock: Speciality chemicals manufacturer sets up subsidiary overseas

Explaining the rationale behind this move, the company stated that the subsidiary “shall carry out business in the field of Investment in Commercial Enterprises and Management.”

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: May 02, 2024 15:49 IST
Stocks
Image Source : PEXELS Stocks showing on the monitor.

A smallcap specialty chemical manufacturer has announced its foray into the UAE market by setting up a subsidiary. A smallcap stock having delivered multibagger returns, has informed exchanges about the incorporation of a subsidiary in the UAE market. It said that the subsidiary will be engaged in the commercial investments.

“Department of Economic and Tourism, Dubai UAE (the DET), Government of Dubai, has approved incorporation of wholly owned subsidiary of the Company in the name of Vikas Life Care Investment Management and issued a certificate of incorporation for the same,” it said in a statement on BSE.

The Delhi-based smallcap stock deals in the business of trading and manufacturing polymer and rubber compounds and specialty additives.

Having delivered more than 50 per cent in the last one year, the form recently approved the preferential allotment of equity shares to upon the conversion of more than 5 crore warrants into equities. The smallcap stock has delivered multibagger returns of more than 100 per cent in three years.

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