Vakrangee ties-up with Reliance Nippon to distribute MFs

Vakrangee Limited has collaborated with Reliance Nippon Life Asset Management Limited (formerly known Capital Asset Management Limited) to distribute mutual funds.

The company will offer mutual fund distribution services through its Nextgen Vakrangee Kendra and will help Reliance to extend its reach to remote areas of India, said the company in an exchange filing.

Vakrangee is an IT company that provides banking, insurance, e-governance, e-commerce, and logistics services in un-served and underserved areas. The company operates 44,286 Vakrangee Kendras through a franchisee-based model. Each of these units provides digitalization services related to the government of India's e-governance initiatives including Aadhaar registration, DBT etc.

On Friday, Vakrangee hit an intraday high of Rs. 54.70 per share and intraday low was Rs. 52.05.

Its 52-week high was Rs.515.40 per share and 52-week low was 30.85 per share on the BSE.

At 9:58 hours, the stock managed to stay in the green and was quoting Rs. 52.50 per share, up by 0.19 per cent on the BSE. While the Nifty50 was trading at 11,054.60, up by 0.29 per cent and BSE Sensex was quoting 36,704.75, up by 0.43 per cent.