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17-Nov2017

Vascon Engineers gains with arm receiving nod to sell Mumbai division

Vascon Engineers is currently trading at Rs. 37.30, up by 0.70 points or 1.91% from its previous closing of Rs. 36.60 on the BSE.

The scrip opened at Rs. 37.90 and has touched a high and low of Rs. 38.95 and Rs. 37.20 respectively. So far 4,06,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 58.80 on 15-May-2017 and a 52 week low of Rs. 26.15 on 27-Dec-2016.

Last one week high and low of the scrip stood at Rs. 39.20 and Rs. 33.25 respectively. The current market cap of the company is Rs. 625.37 crore.

The promoters holding in the company stood at 36.39%, while Institutions and Non-Institutions held 0.47% and 63.14% respectively.

GMP Technical Solutions, a material subsidiary of Vascon Engineers, has received an approval for slump Sale of its Mumbai division and accordingly a Business Transfer Agreement is signed on November 16, 2017 with Innovative Core Systems (Acquirer) to sell and transfer its stake held in Mumbai Division (Unit) for a consideration of Rs 18 crore. The GMP Technical Solutions' board of directors at their meeting has approved for the same.

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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