Vascon Engineers sells 19.07% stake of Ascent Hotels to Samhi Hotels

09 Feb 2016

Vascon Engineers has sold 66,69,492 shares or 19.07% of share capital of Ascent Hotels to Samhi Hotels (SAMHI) for a total consideration of Rs 26.67 crores by Share Purchase Agreement. SAMHI is a privately owned hotel asset company that specializes in development, acquisition and ownership of branded hotels.

Vascon has signed a Subscription cum shareholders Agreement with Ascent Hotels to subscribe to 67,26,394 Optionally Convertible Redeemable Debentures (OCRD) amounting to Rs 30.42 crore with an option to convert into equity shares of equal numbers. The OCRD’s shall be converted into 9618743 shares as and when Ascent Hotels achieves an EBITA of Rs 70 crore.

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.

Related Vascon Engineers Ltd. Links:

Vascon Engineers Share Price

17.73 0.39 (2.25%) Feb 26, 18:55
1 Year Price Chart
Peers
Company Name CMP
Larsen & Toubro 1442.25
Rail Vikas Nigam 31.80
KEC International 430.40
NCC 89.05
PNC Infratech 269.30
View more..
Sensex vs Vascon Engineers
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback