Vascon Engineers Divests 100% Stake in Arm GMP Technical Solutions

Vascon Engineers on Wednesday, July 17, announced that it has approved the divestment of its 100% stake, comprising 12,689 equity shares, in the arm of GMP Technical Solutions, a material subsidiary of the company.

Key Takeaways from Vascon Engineers Divestment

• Vascon Engineers announced divestment of its 100% stake, comprising 12,689 equity shares, in arm GMP Technical Solutions.
• Vascon Engineers and Shinryo Corporation engaged in a share purchase agreement worth Rs 157 crore.
• The planned transaction will be finalised after the share purchase agreement is met, which is expected to happen within the next 45 days.

On July 17, Vascon Engineers and Shinryo Corporation engaged in a share purchase agreement. The transaction was done at a cash consideration of Rs 157 crore, the company said in an exchange filing.

Vascon Engineers stated that the planned transaction would be finalised after the criteria of the share purchase agreement are met, which is expected to happen within the next 45 days.

Meanwhile, Vascon appointed Neelam Pipada as Company Secretary and Compliance Officer effective July 17, 2024.

In addition, Vascon Engineers will schedule an Extra Ordinary General Meeting (EGM) via video conference for Friday, August 16, 2024, to get the necessary consent from the company's members for the previously mentioned sale of equity shares and investment in the relevant subsidiary.

The shares of Vascon Engineers have increased by over 78% over the last year and by 4% since the start of the current year. 

About Vascon Engineers Limited

Vascon Engineers Limited, founded in 1986, is a construction engineering business located in India. Engineering Procurement and Construction (EPC), Real Estate Development and Manufacturing, and Building Management Systems (BMS) are some of the company's segments.

The EPC category covers residential, commercial, industrial, and other building projects. The Real Estate creation section is involved in the creation of residential, hotel, and industrial parks, among others. The Manufacturing and BMS section manufactures clean room partitions and BMS.

Its projects include: Redevelopment Project - Residential Project in Santacruz, Mumbai; Tulip Phase 3 Residential Project in Coimbatore, Tamil Nadu; Forest Edge - Residential Project in Kharadi, Pune; and Forest Country - Residential Project in Kharadi, Pune.

The subsidiaries of Vascon Engineers include GMP Technical Solutions Private Limited, Almet Corporation Limited, Marvel Housing Private Limited, and Marathwada Realtors Private Limited.

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