The Board of Directors of Vascon Engineers Ltd at its meeting held on January 18, 2019, has discussed and approved the issue and allotment of 11,000 zero coupon, rupee denominated, unrated, unlisted, secured, non-convertible debentures of a face value of Rs. 1,00,000 (Rupees One Lakh only) each and aggregating up to Rs. 110,00,00,000 (Rupees One Hundred and Ten Crores only). The Non-Convertible Debentures carry a coupon rate of 15.5% p.a. and the maximum tenor shall be for a period of 48 months.
The proceeds shall be utilized to retire the existing loan of Rs. 83.12 Crores with ECL Finance Ltd having a coupon rate of 17.10% p.a. and the balance loan amount shall be utilized for General Corporate Purposes. The proposed NCDs shall be secured by sole and exclusive mortgage on the identified unsold units of Windermere Project along-with Development Rights.
Shares of Vascon Engineers Ltd was last trading in BSE at Rs.17.3 as compared to the previous close of Rs. 17.65. The total number of shares traded during the day was 22928 in over 148 trades.
The stock hit an intraday high of Rs. 18.15 and intraday low of 17.15. The net turnover during the day was Rs. 403734.