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.

Vakrangee Limited , a prominent player in the Indian financial services sector, has announced a significant change in its top management. Ajay Jangid, the company's Chief Financial Officer (CFO) and Key Managerial Personnel, has submitted his resignation, effective from the close of business hours on October 30, 2025.

Resignation Details

Jangid's departure, communicated through a formal letter to the Board of Directors, cites personal commitments and pre-occupations as the primary reasons for his decision. The company has confirmed that there are no other material reasons behind the resignation.

Implications for Vakrangee

The resignation of Jangid will have several immediate effects on Vakrangee Limited:

1. Leadership Change: Jangid will cease to be the CFO and Key Managerial Personnel of the company.
2. Regulatory Compliance: He will no longer be authorized to determine the materiality of events or make disclosures to stock exchanges under Regulation 30 of the SEBI Listing Regulations.
3. Financial Operations: Jangid has requested the removal of his name as an authorized signatory from all bank accounts and financial instruments of the company.

Transition Process

To ensure a smooth transition, the following steps are being taken:

• Jangid has committed to cooperating fully in the handover of responsibilities.
• The company will initiate the process of informing the Registrar of Companies (ROC), stock exchanges, and other relevant regulatory and financial institutions about this change.
• Vakrangee Limited will need to appoint a new CFO to maintain continuity in its financial operations and compliance with regulatory requirements.

Company's Statement

In its official communication to the stock exchanges, Vakrangee Limited stated:

"Mr. Ajay Jangid, Chief Financial Officer and Key Managerial Personnel of the Company, has tendered his resignation vide letter dated October 30, 2025, due to his engagement in other professional assignments. His resignation shall be effective from the close of business hours on October 30, 2025."

The company has assured stakeholders that it is taking all necessary steps to comply with regulatory requirements and maintain the stability of its financial operations during this transition period.

As Vakrangee Limited navigates this change in its top financial management, stakeholders will be keenly observing how the company manages the transition and its potential impact on the company's financial strategy and performance in the coming months.