Vakrangee has entered into a Share Purchase Agreement today i.e. 04 June 2024 for acquisition of 48.5% equity share capital of Vortex Engineering from the AAVISHKAAR INDIA MICRO VENTURE CAPITAL FUND, AAVISHKAAR INDIA II COMPANY and AAVISHKAAR VENTURE MANAGEMENT SERVICES PRIVATE LIMITED Collectively, referred to as Aavishkaar India Investors (Seller).
Earlier the Company had signed Binding term sheet with Aavishkaar India Investors in relation to acquisition of 48.5% stake in Vortex Engineering Private Limited. Consequent to the acquisition, Vakrangee shareholding in Vortex Engineering has increased from 27.3% to 75.8%.
Pursuant to the said acquisition, Vortex Engineering shall become a Material Subsidiary Company of Vakrangee.
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