Vascon Engineers advances on raising Rs 100 crore through rights issue

03 Sep 2015

Vascon Engineers is currently trading at Rs. 23.40, up by 0.10 points or 0.43% from its previous closing of Rs. 23.30 on the BSE.

The scrip opened at Rs. 24.10 and has touched a high and low of Rs. 24.40 and Rs. 23.10 respectively. So far 4,45,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 31.80 on 15-Sep-2014 and a 52 week low of Rs. 14.60 on 23-Jun-2015.

Last one week high and low of the scrip stood at Rs. 24.40 and Rs. 19.25 respectively. The current market cap of the company is Rs. 367.00 crore.

The promoters holding in the company stood at 38.54% while Institutions and Non-Institutions held 7.83% and 53.63% respectively.

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.


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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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