Vascon Engineers has raised Rs 100 crore through a rights issue. The rights issue was subscribed by over 130%. The promoters of the company infused Rs 60 crore through this issue, thereby, increasing the promoter shareholdings to 48.02%.
Rs 62 crore, from the money raised, is being used to repay debt. This brings down the debt level of the company from approx Rs 335 crore to Rs 273 crore. The remaining Rs 38 crore is being used mainly to drive mainly residential projects, namely Windermere in Koregaon Park and Elo near Magarpatta city.
Vascon Engineers has significant experience in providing EPC services, which include, constructing factories, hospitals, hospitality properties, office and residential complexes, shopping malls, multiplexes, IT parks and other buildings.