Business Update4 Jun 2024, 08:01 pm
Vakrangee Limited Acquires 48.5% Stake in Vortex Engineering Private Limited from Aavishkaar India Investors
AI Summary
Vakrangee Limited has entered into a Share Purchase Agreement on June 4, 2024, for the acquisition of 48.5% equity share capital of Vortex Engineering Private Limited from AAVISHKAAR INDIA MICRO VENTURE CAPITAL FUND, AAVISHKAAR INDIA Il COMPANY LIMITED, and AAVISHKAAR VENTURE MANAGEMENT SERVICES PRIVATE LIMITED, collectively referred to as ‘Aavishkaar India Investors’. This acquisition increases Vakrangee Limited's shareholding in Vortex Engineering Private Limited from 27.3% to 75.8%, making Vortex Engineering Private Limited a Material Subsidiary Company of Vakrangee Limited.
Key Highlights
- Vakrangee Limited has acquired 48.5% equity stake in Vortex Engineering Private Limited from Aavishkaar India Investors.
- The acquisition was made through a Share Purchase Agreement on June 4, 2024.
- Vakrangee Limited's shareholding in Vortex Engineering Private Limited has increased from 27.3% to 75.8%.
- Vortex Engineering Private Limited has become a Material Subsidiary Company of Vakrangee Limited.
- The acquisition is in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR)