VMware convertor can do this- but you need a downtime to swap the servers.
Shrinking with VMDK wont reduce the size of the vmdk, but it will zeroout the disk.
Attach a new disk, with required size and copy the data from the old to new disk. Remove the old disk, if this is not used by any applicaiton and it has onlys on it.
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Thanks & Regards
Dharshan S
VCP 4.0,VTSP 5.0, VCP 5.0