Vakrangee soars as board to mull demerger proposal

Vakrangee jumped 6.65% to Rs 50.55 after the company said its board will meet on Saturday, 19 June 2021, to mull demerger of physical and digital Vakrangee kendras.

The board of directors of the company will be held on Saturday, 19 June 2021, to consider and approve the scheme of arrangement for demerger of Physical Vakrangee Kendra and Digital Vakrangee Kendra (Bharat Easy Super App).

The demerger will unlock value of both business and would result in shareholder value maximization, the company said.

On the same day, the company’s board will also consider the audited annual financial results of the company for the financial year (FY) 2020-21.

The company’s consolidated net profit declined 21.64% to Rs 16.80 crore on a 62.67% fall in net sales to Rs 74.36 crore in Q3 FY21 over Q3 FY20.

Vakrangee offer an extensive array of services across various sectors by providing BFSI, ATM, e-commerce & logistics services through its Vakrangee Kendras.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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