Vakrangee shares surge 10% on fund raising plan; key details

Shares of Vakrangee Ltd soared 10 per cent in Monday's trade after the company said its board of directors would meet on Saturday, December 21, to consider a proposal for raising of funds by way of rights issue, warrants, preferential issue including a qualified institutions placement or through any other permissible mode.

The stock climbed 9.97 per cent to hit a high of Rs 30.54 on BSE. This was in addition to 3.5 per cent rise on the counter on Friday. The scrip 30.78 per cent in the past one month and up 55.17 per cent in 21024 so far. 

In a filing to BSE and NSE, Vakrangee said its board would meet "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." 

Vakrangee said it has given an option to the board members to participate in board meeting through video conferencing facility if required.

"Further we would like to inform you that Pursuant to the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time and “Insider Trading – Code of Conduct” of the Company, we wish to inform you that the Trading Window for dealing in the securities of the company will remain closed for Designated Persons and their immediate relative(s) with effect from Monday, December 16, 2024 till Tuesday, December 24, 2024," it said. 

Incorporated in 1990, VVakrangee is India's largest Last Mile Distribution Platform. It delivers real-time banking & financial services, ATM, insurance, e-Governance, e-Commerce (including Healthcare services) and logistics services to , semi-urban and urban markets. 

Earlier this month, Vakrangee entered an agreement with Central Bank of India as Corporate Business Correspondent (CBC) for offering Banking Services across Pan India. Last month, it entered an agreement with Bangiya Gramin Vikash Bank (BGVB) as Corporate Business Correspondent (CBC) for offering banking services through Vakrangee Kendra networks.