VL E-Governance & IT Solutions raises Rs.401-Cr via warrants

Mumbai-headquartered VL E-Governance & IT Solutions , a subsidiary of Vakrangee Ltd, has approved the allotment of 5.34 crore warrants on a preferential basis to the non-promoter category by way of a private placement to raise INR 401 crore.The company will allot 25 lakh fully paid-up equity shares on conversion of the warrants. The equity shares issued upon conversion of the warrants so issued will be listed on the exchange.The fundraising will help in the execution of projects, including large-scale e-Governance initiatives and high-tech developments in aviation, aerospace, defence, and satellite sectors.