Vakrangee shares gain 2% on stake hike in Vortex Engineering, days after major equity acquisition

On September 8, Vakrangee had entered into binding term sheet with private equity investor Aaviskaar Capital to acquire 48.5 percent equity stake in Vortex Engineering for Rs 18.43 crore.

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Vakrangee share price gained 2 percent in the early trading hours of September 13 after news of the company buying a further 8.8 percent stake in Vortex Engineering arrived. This development comes just days after announcing a 48.5 percent stake acquisition.

At 09:22 hrs Vakrangee was quoting at Rs 17.19, up Rs 0.40, or 2.38 percent on the BSE.

Vakrangee has entered into a binding term sheet with the International Finance Corporation (IFC) for the acquisition of a further 8.8 percent equity stake in Vortex Engineering Private Limited. The company will acquire 66,050 equity shares from IFC for Rs 3.33 crore. The transaction is expected to be completed within 30 days from the term sheet date.

Earlier, on September 11, Vakrangee shares climbed as much as 4 percent on the proposed buyout of a 48.5 percent stake in Vortex.

“This is a strategic investment which will help the company to have a complete backward integration in place and thereby unlocking future growth opportunities, leverage the cost synergies and technology know-how. Our move into this acquisition is yet another validation to achieve our set targets of 3 lakh+ outlets along with Minimum 15,000+ATMs by 2030,” said Dinesh Nandwana, Managing Director & Group CEO of Vakrangee Limited.

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On September 8, Vakrangee had entered into a binding term sheet with private equity investor Aaviskaar Capital to acquire a 48.5 percent equity stake in Vortex Engineering for Rs 18.43 crore.