Vakrangee shares skyrocket 10% as board to consider fundraising on Dec 21

Vakrangee share price: Shares of technology company Vakrangee were in action on Monday, December 16, 2024, as the share price zoomed up to 9.97 per cent to hit an intraday high of Rs 30.54 per share.

 

The surge in Vakrangee share price came after the company announced that its Board of Directors will meet on Saturday, December 21, 2024, inter alia, to consider the proposal for raising of funds by way of rights issue, warrants, preferential issue including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate.

 

In an exchange filing, Vakrangee said, “Notice is hereby given that the meeting of Board of Directors of the Company will be held on Saturday, December 21, 2024, inter alia, to consider the proposal for raising of funds by way of rights issue, warrants, preferential issue including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the Company.”

 

 

However, the size of fund raising was not disclosed by the company in the statement.

 

At the beginning of the month, Vakrangee announced that Amit Sabarwal had tendered his resignation as Executive Director and Group CEO of the Company, effective December 03, 2024 due to personal reasons.  

 

About Vakrangee

 

Vakrangee is a technology-driven company committed to fostering financial, social, and digital inclusion across India. 

 

Established in 1990 in Mumbai, the company has developed an extensive network of over 45,000 retail outlets known as Vakrangee Kendras. The centres serve as one-stop solutions, offering a diverse range of essential services such as banking, insurance, e-governance, e-commerce, logistics, and ATM facilities. By bridging the gap between urban and rural areas, Vakrangee empowers millions of Indians with access to essential services in real-time.

 

As a business correspondent for leading public sector banks, Vakrangee enables seamless, paperless banking services, making financial access convenient and efficient. 

 

Additionally, the company plays a crucial role in providing software and equipment for crucial government initiatives like Aadhaar and voter ID card issuance. 

 

Vakrangee is listed on both the BSE and the National Stock Exchange (NSE).

 

The 52-week high of Vakrangee is Rs 37.72, while its 52-week low is Rs 18.45 apiece. 

 

The market capitalisation of Vakrangee is Rs 3,260.46 crore, according to BSE. The company falls under the BSE SmallCap category. 

 

At 12:05 PM, Vakrangee shares were trading 8.93 per cent higher at Rs 30.25 apiece. In comparison, BSE Sensex was trading 0.61 per cent or 504.89 points lower at 81,628.23 levels.