Vascon Engineers advances on selling 19.07% stake of Ascent Hotels to Samhi Hotels

09 Feb 2016

Vascon Engineers is currently trading at Rs. 29.30, up by 1.00 points or 3.53% from its previous closing of Rs. 28.30 on the BSE.

The scrip opened at Rs. 26.70 and has touched a high and low of Rs. 29.70 and Rs. 26.70 respectively. So far 54,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 41.25 on 02-Dec-2015 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. 30.35 and Rs. 26.10 respectively. The current market cap of the company is Rs. 471.00 crore.

The promoters holding in the company stood at 46.78% while Institutions and Non-Institutions held 5.57% and 47.65% respectively.

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.

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Vascon Engineers Share Price

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