Vascon Engineers declines amid getting nod to divest 100% stake in GMP Technical Solutions
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Vascon Engineers is currently trading at Rs. 77.31, down by 4.10 points or 5.04% from its previous closing of Rs. 81.41 on the BSE.
The scrip opened at Rs. 81.00 and has touched a high and low of Rs. 81.00 and Rs. 76.48 respectively. So far 722528 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 93.10 on 06-Feb-2024 and a 52 week low of Rs. 42.03 on 21-Jul-2023.
Last one week high and low of the scrip stood at Rs. 82.10 and Rs. 70.95 respectively. The current market cap of the company is Rs. 1723.55 crore.
The promoters holding in the company stood at 31.62 % while Institutions and Non-Institutions held 1.04 % and 67.34 % respectively.
Vascon Engineers has received approval for divestment of 100% equity stake/investment held in its GMP Technical Solutions (GMP)- a material subsidiary of the Company to Shinryo Corporation for an aggregate consideration of Rs 157 crore for a gross equity value of Rs 185 crore. Post the Proposed Transaction, GMP will cease to be a subsidiary of the Company.
The proposed transaction will be completed after fulfillment of the conditions under the share purchase agreement and is expected to be completed within next 45 days. The Board of Directors of the Company at its meeting held on July 17, 2024 has approved the same.
Vascon Engineers is one of the leading Construction Engineering Company in India with presence in Real Estate business having an asset light model and Clean Room Partition manufacturing business.
