On October 9, Vakrangee announced a strategic arrangement with JK Cement for the distribution of grey cement through Vakrangee Kendra networks. However, following this news, the company’s shares experienced a decline.
As of 09:25 am, Vakrangee was trading at Rs 16.57, marking a decrease of Rs 0.57 or 3.33 percent. A similar decline was observed on the BSE, with Vakrangee trading at Rs 16.57, down by Rs 0.57 or 3.33 percent.
JK Cement, a manufacturer of various cement products including Grey Cement and White Cement, will leverage Vakrangee’s extensive Kendra network for the distribution of its cement and other building materials.
Vakrangee Kendras offer a wide array of products and services, including banking, insurance, ATM facilities, assisted e-commerce, e-governance solutions, and total healthcare services.
In September, Vakrangee had entered into a binding term sheet with the International Finance Corporation (IFC) for the acquisition of an 8.8 percent equity stake in Vortex Engineering Private Limited, a leading provider of automated teller machines (ATMs). The company is set to acquire 66,050 equity shares from IFC for Rs 3.33 crore, with the transaction expected to be completed within 30 days from the term sheet date.
Additionally, Vakrangee had also entered into a binding term sheet with private equity investor Aaviskaar Capital for the acquisition of a 48.5 percent equity stake in Vortex Engineering for Rs 18.43 crore.
Please note that the share price movement mentioned here is based on the time of the article’s publication and may have changed since then.