Vakrangee share price gained 4 percent in the early trade on September 11 as the company is poised to acquire equity stake in a leading automated teller machines provider.
At 09:23 am, Vakrangee was quoting at Rs 17.14, up Rs 0.69, or 4.19 percent on the BSE.
The company has 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.
The transaction is expected to be completed within 30 days from the term sheet date.
The company to acquire 3,65,575 equity shares from Aavishkaar India Micro Venture Capital Fund, Aavishkaar India II Company Limited, Aavishkaar Venture Management Services Private Limited representing 48.5 percent of the equity stake in Vortex.
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Vortex is one of the leading providers of automated teller machines (ATMs), and so far has shipped 10,000+ ATMs across India, Africa and South Asia and Software products to complement ATM hardware.
“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.
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