Vascon Engineers completes acquisition of 92% in River Shore Developers Pvt Ltd

Vascon Engineers Limited had earlier announced the execution of Memorandum of Understanding (MoU), extension of tenure of MoU and execution of Share Purchase Agreement respectively.

Vascon Engineers Limited (VEL) has completed the acquisition of 92% shareholding in River Shore Developers Private Limited (RSDPL) from Royal Orchid Hotels Limited (ROHL). Remaining 8% shareholding in RSDPL has been acquired by R Vasudevan, HUF. Thus, RSDPL has now become a subsidiary of VEL.

Vascon Engineers Limited has sold its 43.34% shareholding held in Cosmos Premises Private Limited (CPPL), an Associate Entity, to Royal Orchid Hotels Limited, along with 6.66 % shareholding in CPPL held by certain promoter's related persons/ entities. CPPL thus ceases to be an associate Company of VEL.

Shares of Vascon Engineers Limited was last trading in BSE at Rs. 26.45 as compared to the previous close of Rs. 27.40. The total number of shares traded during the day was 115866 in over 807 trades.

The stock hit an intraday high of Rs. 28.10 and intraday low of 26.35. The net turnover during the day was Rs. 3122691.00.

Source : Equity Bulls

Keywords

VasconEngineers INE893I01013 StakeAcquisition