Merrill ups stake in Vakrangee to 7.72%

Mumbai-based Vakrangee Softwares (VSL), which provides integrated document management and printing management solutions, announced that Merrill Lynch has increased its holding in the company to 7.72 per cent. With this, the total FII holdings in Vakrangee Softwares is 39.49 per cent.

As of Februray 16, 2008, FIIs have acquired 75 lakh shares representing 39.49 per cent of the share capital. Premier global institutions such as Morgan Stanley (9.73 per cent), Goldman Sachs Investments (Mauritius) (9.51 per cent) and Merrill Lynch Capital Markets (7. 72 per cent) have crossed the significant 5 per cent holding mark.

Other FIIs that holding stake include CLSA Mauritius (4.51 per cent), Deutsche Securities (Mauritius) (2.37 per cent), Melchior Indian Opportunities Fund (2.09 per cent), Himalayan Fund N V (0.65 per cent) and Planetary (Mauritius) (0.52 per cent).

Dinesh Nandwana, chairman and managing director, Vakrangee Softwares, said, "With our strong positioning in the government and e-Governance sector, we are also successfully tapping private and high growth sectors such as telecom, insurance, financial services and retail. We have also ramped up our capacity by placing an order with Eastman-Kodak for acquisition of a state-of-the-art 'variable data digital colour printing facility' which prints 2.4 million to 4.8 million pages per day."

The holding of Indian Financial Institutions have also increased to 9 lakh shares representing 4.80 per cent of the share capital.

The distribution is as follows: Prudential ICICI Trust (1.60 per cent), HSBC Assets Management (1.25 per cent), Axis Bank (1.13 per cent), ING Vysya Mutual Fund (0.50 per cent) and DSP Merill Lynch Trustee ( 0.32 per cent).