Board of Vascon Engineers approves terms of proposed rights issue

At meeting held on 13 June 2015

Vascon Engineers announced regarding the Proposed Issue of Equity Shares of Face Value of Rs. 10/- Each ("Rights Equity Shares") of Vascon Engineers (the Company or the Issuer ) for cash at a price of Rs. 15/- (including a premium of Rs. 5/- per Rights Equity Share) per Rights Equity Share not exceeding an amount of Rs. 100 crore by the Company to the Eligible Equity Shareholders of the Company in the ratio of 14 Rights Equity Shares for every 19 Equity Shares held on the Record Date. The Issue Price of each Rights Equity Share is 1.5 times the face value of the Rights Equity Share.

The Board of Directors of the Company at the Meeting held on 13 June 2015 approved the terms of the proposed Rights Issue of Equity Shares of face value of 10/- each (the "Equity Shares") by the Company on a rights basis to its existing shareholders. The Company has confirmed that the proposed rights issue shall be of fully paid up shares.

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