Crest Ventures Ltd to acquire 5.12% stake in Vascon Engineers Ltd

Crest Ventures Limited has agreed to acquire through preferential allotment, 1,11,35,857 (One Crore Eleven Lakh Thirty-Five Thousand Eight Hundred and Fifty-Seven) equity shares being 5.12% of the post issue Equity Share Capital of Vascon Engineers Limited at a total consideration of Rs. 24,99,99,990, subject to shareholders and other regulatory approvals.

Vascon Engineers Limited ("Vascon") is listed on BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE") and was incorporated on January 01, 1986 under the Companies Act, 1956 and having its registered office at Vascon Weikfield Chambers, Behind Hotel Novatel, Opposite Hyatt Hotel, Pune Nagar Road, Pune - 411014 with total turnover of Rs. 36,846 Lakhs and a net worth of Rs. 69,422 Lakhs as per last audited financial statements for the year: 2020-21.

The object of the proposed purchase/acquisition is strategic long term investment. The said investment in Vascon is not outside the main line of business of the Crest Ventures Limited ("CVL").

Shares of CREST VENTURES LIMITED was last trading in BSE at Rs. 119 as compared to the previous close of Rs. 120. The total number of shares traded during the day was 893 in over 18 trades.

The stock hit an intraday high of Rs. 122.95 and intraday low of 117.5. The net turnover during the day was Rs. 106485.

Source : Equity Bulls

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