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.