Vakrangee’s Share Price Rises 2% on Acquisition of Further Stake in Vortex Engineering
Vakrangee Limited, a technology company that provides financial and digital services, saw its share price rise 2% in the early trading hours of September 13 after news of the company buying a further 8.8% stake in Vortex Engineering Private Limited. This development comes just days after announcing a 48.5% stake acquisition.
The company has entered into a binding term sheet with the International Finance Corporation (IFC) for the acquisition of 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.
The acquisition of the further stake in Vortex Engineering is a strategic move by Vakrangee to strengthen its position in the ATM and payments ecosystem. Vortex Engineering is a leading supplier of ATMs and related products and services in India. The acquisition will give Vakrangee access to Vortex Engineering’s manufacturing capabilities and technology, which will help the company to expand its ATM network and offer a wider range of payment services.
Dinesh Nandwana, Managing Director & Group CEO of Vakrangee Limited, said, “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.”
The acquisition of the further stake in Vortex Engineering is a positive development for Vakrangee. The move will help the company to strengthen its position in the ATM and payments ecosystem and achieve its growth targets.
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