Vakrangee Share Price in Focus: Aims to Raise ₹980 Crore Via Issue of NCDs

On December 23, 2024, Vakrangee share price is in focus as its board has approved the issuance of 35 crore convertible warrants via a preferential allotment to 11 non-promoter investors. This move aims to raise ₹980 crore, contingent on shareholder approval. Vakrangee share price opened at ₹33.38 and touched the day low of ₹31.85 at 10:30 AM.

The stock has experienced significant volatility over the past year. It recently hit a 52-week low of ₹18.45 on December 21, 2023, and reached a 52-week high of ₹37.73 on October 1, 2024.

Vakrangee Board’s Key Decisions

On December 21, 2024, Vakrangee’s Board of Directors approved 2 major decisions:

Preferential Allotment of Convertible Warrants

The board approved the preferential allotment of up to 35 crore convertible warrants to non-promoter investors. This issuance is aimed at raising additional capital for the company in compliance with the Companies Act, 2013, and SEBI ICDR Regulations. The allotment is subject to shareholder approval in an Extraordinary General Meeting (EGM) and regulatory/ statutory clearances.

Withdrawal of Earlier Application

The board also approved the withdrawal of the in-principle application for the allotment of 20 crore convertible warrants to non-promoters, which had been approved by the company members on October 27, 2024. This application was filed with the BSE and NSE on September 27, 2024.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.