Vakrangee Share Price Surge 2% on Fund-Raising Announcement

Vakrangee share price surged over 2% at 11:35 AM on December 17, 2024, rising 2.23% to hit a two-day high of ₹31.31 on the BSE. This was after the company’s announcement on December 13, that its board of directors will meet on Saturday, December 21, 2024, to consider proposals for raising funds. 

The company plans to explore options such as a rights issue, warrants, preferential issues, a qualified institution placement, or any other permissible mode of raising capital.

Board Meeting to Consider Fund-Raising Proposals

In a filing to the BSE and NSE, Vakrangee said  “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.”

Furthermore, Vakrangee announced that, in compliance with SEBI (Prohibition of Insider Trading) Regulations, its trading window would remain closed from Monday, December 16, 2024, to Tuesday, December 24, 2024, for designated persons and their immediate relatives.

About Vakrangee

Founded in 1990, Vakrangee is India’s largest Last Mile Distribution Platform, providing real-time banking and financial services, ATMs, insurance, e-governance, e-commerce (including healthcare services), and logistics to rural, semi-urban, and urban markets.

Earlier this month, Vakrangee entered into an agreement with the Central Bank of India to serve as a Corporate Business Correspondent (CBC), offering banking services across the country. Last month, the company also entered an agreement with Bangiya Gramin Vikash Bank (BGVB) to provide banking services through its extensive network of Vakrangee Kendras.

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.