Vahanna Tech Edge Acquisition I said its sponsor will deposit $660,330 into trust for a deadline extension from May 26 to June 26. This would be the first of three one-month extensions permitted under Vahanna's governing documents.
The extension provides Vahanna with more time to complete its proposed business combination with Roadzen, an insurance technology company powered by advanced artificial intelligence.
Estimated proceeds from the transaction are expected to consist of Vahanna's $204 million of cash held in trust (assuming no redemptions), with a $50 million minimum to close.
india-based Roadzen utilizes what it calls “advanced ai” to create transparency, efficiency, and a seamless experience for end customers who use its products through its insurer, original equipment manufacturer and fleet partners. Read more.