Vakrangee Limited has filed a company petition with the National Company Law Tribunal (NCLT) Mumbai seeking consolidation of its share capital. The petition, filed under Section 61(1)(b) of the Companies Act, 2013, marks a significant corporate restructuring initiative by the company.

Petition Details and Legal Framework

The company has filed Company Petition No. CP/265 (MB) 2025 before the Hon'ble National Company Law Tribunal, Mumbai Bench–IV. The petition seeks consolidation of share capital under Section 61(1)(b) of the Companies Act, 2013, along with other applicable provisions of the Companies Act and rules made thereunder.

Tribunal Proceedings and Timeline

The NCLT Mumbai admitted the company petition on December 11, 2025. Following the tribunal's order dated December 11, 2025, Vakrangee Limited has completed the mandatory newspaper publications announcing the next hearing date. The company published notices in two newspapers as required by law.

Regulatory Compliance

The disclosure has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has fulfilled all procedural requirements including newspaper publications in both English and regional languages as mandated by the tribunal's order.

The petition will be heard on January 29, 2026 at 10:30 a.m. or soon thereafter before the Hon'ble National Company Law Tribunal, Mumbai Bench–IV. The company secretary and compliance officer Amit Gadgil has signed the disclosure document, ensuring proper regulatory compliance and transparency with stakeholders.

Vakrangee Limited , a prominent player in the IT-enabled services sector, has announced the forfeiture of 3,63,33,433 warrants following the expiration of the 18-month conversion period on September 30, 2025. This development marks a significant turn in the company's capital raising efforts through a preferential allotment initiated in March 2024.

Key Details of the Warrant Forfeiture

• Total Warrants Issued: 6 crore fully convertible warrants
• Issue Price: Rs 27 per warrant
• Total Potential Raise: Rs 162 crore
• Actual Amount Raised: Rs 88.94 crore
• Amount Forfeited: Rs 98.06 crore (due to non-conversion)

Breakdown of Forfeited Warrants

Market Conditions and Share Price

The forfeiture comes in the context of challenging market conditions for Vakrangee. On September 30, 2025, the company's share price stood at Rs 8.12, significantly below the warrant exercise price of Rs 27. This substantial gap likely contributed to the non-conversion of the warrants.

Utilization of Raised Funds

According to CARE Ratings Limited, the monitoring agency for this issue, Vakrangee has fully utilized the Rs 88.94 crore raised. The funds were allocated across various objectives as follows:

Revised Objectives and Implications

Following the warrant forfeiture, Vakrangee's board has revised the total cost of objects from the original Rs 162 crore to Rs 88.94 crore. This adjustment reflects the company's adaptation to the reduced capital inflow and may impact its strategic plans and growth initiatives.

Monitoring Agency's Observations

CARE Ratings Limited noted that all proceeds have been utilized in accordance with the offer document and the revised cost of objects approved by the board. The agency also highlighted the significant decline in Vakrangee's share price since the preferential issue announcement, with a 67% drop since the initial announcement and a 78% decline from its peak.

While the forfeiture of warrants represents a setback in Vakrangee's capital raising efforts, the company has demonstrated its ability to adjust its objectives and fully utilize the funds raised. The coming months will be crucial as Vakrangee navigates its growth strategy with the reduced capital base.