Vakrangee shares in focus today as IT firm to raise funds from non promoters
Vakrangee stock closed 2.09% higher at Rs 32.78 on Friday against the previous close of Rs 32.11 on BSE. Market cap of the firm stood at Rs 3533.15 crore.
- Dec 23, 2024,
- Updated Dec 23, 2024 9:07 AM IST
Shares of Vakrangee are in focus today after the firm said its board approved the issuance of 35 crore convertible warrants via preferential allotment to 11 non-promoter investors, raising Rs 980 cr, subject to shareholder approval. Vakrangee shares closed 2.09% higher at Rs 32.78 on Friday against the previous close of Rs 32.11 on BSE. A total of 46.55 lakh shares of the technology company changed hands, amounting to a turnover of Rs 15.73 crore on BSE. Market cap of the firm stood at Rs 3533.15 crore.
The IT stock hit a 52-week low of Rs 18.45 on December 21, 2023 and a 52-week high of Rs 37.73 on Ocober 1, 2024.
In terms of technicals, the relative strength index (RSI) of the stock stands at 70.5, signaling it's trading neither in the overbought and nor in the oversold zone. Vakrangee shares have a beta of 1.5, indicating very high volatility in a year. Vakrangee shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
"We hereby inform you that the Board of Directors of Vakrangee Limited (the “Company”) at their meeting held today i.e. Saturday, December 21, 2024 has approved the following:
1. Preferential Allotment of Convertible Warrants to Non Promoter Category to issue and allot upto 35,00,00,000 Convertible Warrants (“Warrants”) on a preferential basis to Non Promoters towards raising of additional capital by the Company pursuant to Section 42, 62 of the Companies Act, 2013 and in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018 (“SEBI ICDR Regulations”), as amended, and other applicable laws, at such price as determined in accordance with Chapter V of the SEBI ICDR Regulations as amended, subject to the approval of regulatory/ statutory authorities and the shareholders of the Company in its Extra Ordinary General Meeting.
2. Withdrawal of In-principle application for allotment of 20,00,00,000 convertible warrants to non-promoter category approved by the members of the Company on October 27, 2024 filed to BSE Limited and to National Stock Exchange of India Limited on September 27, 2024.
3. The Notice of Extra Ordinary General Meeting (“EGM”) of the Company scheduled to be held on Wednesday, January 15, 2025 at 11.30 a.m. through video conferencing or other audiovisual means, to seek necessary approval of the shareholders of the Company for the Preferential Issue of convertible warrants," said Vakrangee.
Vakrangee Limited is a technology company focused on financial, social and digital inclusion of its customers. It operates on an asset-light, franchisee-based business model to cater to the needs of its stakeholders. It assisted digital convenience stores, Next-Gen Vakrangee Kendras offers solutions for multiple products and services.
Shares of Vakrangee are in focus today after the firm said its board approved the issuance of 35 crore convertible warrants via preferential allotment to 11 non-promoter investors, raising Rs 980 cr, subject to shareholder approval. Vakrangee shares closed 2.09% higher at Rs 32.78 on Friday against the previous close of Rs 32.11 on BSE. A total of 46.55 lakh shares of the technology company changed hands, amounting to a turnover of Rs 15.73 crore on BSE. Market cap of the firm stood at Rs 3533.15 crore.
The IT stock hit a 52-week low of Rs 18.45 on December 21, 2023 and a 52-week high of Rs 37.73 on Ocober 1, 2024.
In terms of technicals, the relative strength index (RSI) of the stock stands at 70.5, signaling it's trading neither in the overbought and nor in the oversold zone. Vakrangee shares have a beta of 1.5, indicating very high volatility in a year. Vakrangee shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
"We hereby inform you that the Board of Directors of Vakrangee Limited (the “Company”) at their meeting held today i.e. Saturday, December 21, 2024 has approved the following:
1. Preferential Allotment of Convertible Warrants to Non Promoter Category to issue and allot upto 35,00,00,000 Convertible Warrants (“Warrants”) on a preferential basis to Non Promoters towards raising of additional capital by the Company pursuant to Section 42, 62 of the Companies Act, 2013 and in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018 (“SEBI ICDR Regulations”), as amended, and other applicable laws, at such price as determined in accordance with Chapter V of the SEBI ICDR Regulations as amended, subject to the approval of regulatory/ statutory authorities and the shareholders of the Company in its Extra Ordinary General Meeting.
2. Withdrawal of In-principle application for allotment of 20,00,00,000 convertible warrants to non-promoter category approved by the members of the Company on October 27, 2024 filed to BSE Limited and to National Stock Exchange of India Limited on September 27, 2024.
3. The Notice of Extra Ordinary General Meeting (“EGM”) of the Company scheduled to be held on Wednesday, January 15, 2025 at 11.30 a.m. through video conferencing or other audiovisual means, to seek necessary approval of the shareholders of the Company for the Preferential Issue of convertible warrants," said Vakrangee.
Vakrangee Limited is a technology company focused on financial, social and digital inclusion of its customers. It operates on an asset-light, franchisee-based business model to cater to the needs of its stakeholders. It assisted digital convenience stores, Next-Gen Vakrangee Kendras offers solutions for multiple products and services.