Morgan Stanley buys 5% in Vakrangee Softwares

Mumbai, October 3, 2007: Morgan Stanley & Company, one of the leading foreign institutional investors (FIIs), has picked up 5.36% equity stake in Vakrangee Softwares Ltd. (VSL), a leading integrated document and printing management solutions provider in India. Similarly, Goldman Sachs Investments (Mauritius) I. Ltd. and Merrill Lynch Capital Markets have already acquired 9.52% and 7.33 % stake respectively in Vakrangee Software.

Morgan Stanley & Co International plc has disclosed today the same to the stock exchange as per SEBI regulations. These investments follow the decision of the company to increase the limit of investment by Foreign Institutional Investors (FIIs) from 24% to 49% of the share capital of the Company.

The raising of the FII investment ceiling would provide depth and liquidity to the Company's shares as well as reflect the Company's commitment to the highest standards of disclosures; transparency and corporate governance; and its operational efficiencies; global competitiveness; and proven management track record, which are the preferred investment qualifications for FIIs.

About Vakrangee Softwares Ltd.

Vakrangee Softwares Ltd., incorporated in the year 1990, is a pioneer and an established player in e-Governance, Document and Printing Management area. It is identified as one of the 100 Best Mid-Size Companies in India as per Business World (July 16, 2007 Issue); in The Economic Times ET-500 Best Companies in 2006-07; and in the list of the Top 250 Technology fast Asia Pacific Companies of 2003 & 2004 by Deloitte Touche Tohmatsu. With quality certifications such as ISO 9002, it is a preferred vendor for the large ticket e-governance initiatives of government of India.

Vakrangee is a reputed to the private sector for providing end to end solution in the document and print management area. It is a pioneer in multi-lingual technology. The in-house application software, along with the largest scanning and variable data printing capacities, makes Vakrangee Softwares Ltd. the leader in this industry. It has 1,500 plus qualified and trained personnel successfully executing projects across the country.