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Vakrangee shares turned ex-date for demerger today, 15 June 2023. This means that shareholders who hold Vakrangee shares on this date will be eligible to receive shares in VL EGovernance & IT Solutions, the new company that will be created as a result of the demerger.
For every 10 Vakrangee shares held, shareholders will receive 1 share in VL EGovernance & IT Solutions.
The record date for the demerger is also today, 15 June 2023. This means that the company will use this date to identify the eligible shareholders who will receive shares in VL EGovernance & IT Solutions.
VL EGovernance & IT Solutions is expected to be listed on stock exchanges in the coming months.
The NCLT's Mumbai Bench has approved the scheme of arrangement for demerger of e-governance & IT/ITES business (demerged undertaking) of Vakrangee (‘Demerged Company') into VL EGovernance & IT Solutions (‘Resulting Company') and their respective shareholders vide its order dated 19 May 2023. The scheme of arrangement for demerger became effective from 26 May 2023.
Vakrangee offers assisted e-commerce and logistics services enabling customers to access services such as online shopping, healthcare, telecom and bill payments services, travel services, and last mile courier and logistics services.
On a consolidated basis, net profit of Vakrangee declined 69.91% to Rs 0.68 crore on 5.90% rise in net sales to Rs 50.94 crore in Q4 March 2023 over Q4 March 2022.
Shares of Vakrangee jumped 4.38% to Rs 16.44 on the BSE.
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