Vakrangee Softwares Shareholders approve transfer of software production to subsidiary

MUMBAI, September 18, 2007: The shareholders of Vakrangee Softwares Limited have approved with a thumping majority (99.95%) a board resolution to transfer proprietary software products of the Company; namely, Document Management Solution (DMS), Human Capital Management Solution (HCMS) and School ERP to M/s. V. Techno Services Ltd., a subsidiary company.

With the formation of this subsidiary, Vakrangee Software Ltd can focus on information technology related products apart from their services related to e-governance, scanning and digitization and large scale document life cycle management which are growing at a rate of 100% annually. The company can also enter into a joint venture with other foreign companies to boost their growth prospects. Recently at the annual general meeting dated September 08, 2007 the board of VSL approved the raising of the FII limit from 24% to 49%.

Mr. Dinesh Nandwana, Chairman and Managing Director, Vakrangee Softwares Ltd, said, "We take pride in the fact that we are one of the few leading e-Governance service providers in India equipped with cutting edge infrastructure, highly experienced professionals, strong investment and technological breakthrough on a continual basis in order to maintain time-bound completion of mission critical and socially relevant projects."

The Stock closed the day at Rs.185.35, up by Rs.8.45 or 4.78%. The stock hit an intraday high of Rs.189.50 and low of Rs.176. The total traded quantity was 146310 compared to 2 week average of 125801.

Source : Equity Bulls

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