Vakrangee climbs on inking agreement to acquire 18.5% equity share capital of Vortex Engineering
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Vakrangee is currently trading at Rs. 23.00, up by 0.87 points or 3.93% from its previous closing of Rs. 22.13 on the BSE.
The scrip opened at Rs. 22.46 and has touched a high and low of Rs. 23.18 and Rs. 22.30 respectively. So far 1310725 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 32.19 on 01-Feb-2024 and a 52 week low of Rs. 14.61 on 08-Aug-2023.
Last one week high and low of the scrip stood at Rs. 23.94 and Rs. 22.05 respectively. The current market cap of the company is Rs. 2409.49 crore.
The promoters holding in the company stood at 42.60%, while Institutions and Non-Institutions held 9.36% and 48.05% respectively.
Vakrangee has entered into a share purchase agreement for acquisition of 18.5% equity share capital of Vortex Engineering from Tata Capital Innovations Fund (Seller). This is a strategic investment which will help the Company to have a complete backward integration in place for ATM Business and thereby unlocking future growth opportunities, leverage the cost synergies and technology know-how. The cost of acquisition is Rs 7.03 crore for acquiring 18.5% equity interest in Vortex from seller.
Vakrangee is the unique technology driven company focused on building India's largest network of last mile retail outlets to deliver real time banking & Financial Services, ATM, insurance, e-governance, e-commerce and logistics services to the un-served rural, semi-urban and urban markets.
