Vascon Engineers Ltd board approves preferential issue to raise Rs. 70 crores

The board of directors of Vascon Engineers Ltd have approved the raising of funds through preferential issue of shares to Group of Investors and Promoters by issuing upto 3,11,80,396 (Three Crore Eleven Lakhs Eighty Thousand Three Hundred and Ninety Six only) Equity Shares of the Company at an issue price of Rs. 22.45 per share aggregating upto Rs. 70,00,00,000/ - (Seventy Crores only) on a preferential basis. Out of the total issue of 3,11,80,396 equity shares, Promoters shall also be subscribing to the extent of Rs. 10,00,00,000/- (Ten Crores only) consisting of 44,54,341 Equity Shares.

Further, the Board of Directors has decided to obtain the approval of members of the Company in Extra-Ordinary General Meeting ("EGM") which is scheduled to be held on Thursday, September 09, 2021.

Shares of Vascon Engineers Limited was last trading in BSE at Rs. 28.25 as compared to the previous close of Rs. 26.95. The total number of shares traded during the day was 118176 in over 192 trades.

The stock hit an intraday high of Rs. 28.25 and intraday low of 28.25. The net turnover during the day was Rs. 3338472.

Source : Equity Bulls

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