I'd like to do this non-disruptively if possible.
That would be quite not probable in case of virtual machines, who are residing and already have IPs.
While coming to the VCs and the server itself, you can workaround the following:
1. Have a new VC with the new subnet [This VC should not reside in the hosts which are to be changed]
2. In the ESXi host, create a new vSwitch, and add an uplink. This uplink should be in the new IP subnet
3. Once done, create a management portgroup in this newly created vSwitch.
4. From the new VC, add the server to its inventory. When prompted for "Already in a VC", click Yes.
5. Till now, the VMs are residing in a separate Virtual machine portgroup with the old uplink.
6. Now create a new VM portgroup [Give a new name apart from the old one] to the new Vswitch and add the VMS to this portgroup. A lot of scripts are available. http://www.virtu-al.net/2009/10/19/powercli-mass-vm-portgroup-change/
7. After this, the VMS will no longer work, unless their IPs are changed or in case of a DHCP server, the dhcpd process to be restarted or much better, rebooting all the VMS
8. Now, from the first VC, remove the ESXi host and
9. Login to the DCUI console of the ESXi host and give the new IP as management. And finally
10. From the new VC, delete the first vSwitch portgroup containing the old management network
And last but not the least, go for a coffee break once done :smileyhappy: