Vascon Engineers jumps as board approves terms of rights issue

Vascon Engineers rose 6.01% to Rs 17.65 at 11:55 IST on BSE after the company said its board approved the terms of the proposed rights issue of equity shares.

The company made the announcement during trading hours today, 15 June 2015.

Meanwhile, the BSE Sensex was up 143.57 points, or 0.54%, to 26,568.87.

On BSE, so far 9,412 shares were traded in the counter, compared with an average volume of 16,589 shares in the past one quarter.

The stock hit a high of Rs 18.45 and a low of Rs 17.25 so far during the day. The stock hit a 52-week high of Rs 34.95 on 3 July 2014. The stock hit a 52-week low of Rs 16.05 on 12 June 2015.

The stock had underperformed the market over the past one month till 12 June 2015, sliding 20.14% compared with 1.68% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 24.49% as against Sensex's 8.66% fall.

The small-cap company has an equity capital of Rs 90.48 crore. Face value per share is Rs 10.

Vascon Engineers said its board approved raising Rs 100 crore through rights issue of equity shares of Rs 15 each to the eligible shareholders 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 company has confirmed that the proposed rights issue shall be of fully paid up shares.

Vascon Engineers reported net loss of Rs 75.62 crore in Q4 March 2015 as against net loss of Rs 26.82 crore in Q4 March 2014. Net sales rose 2.44% to Rs 172.29 crore in Q4 March 2015 over Q4 March 2014.

Vascon Engineers is a construction company. It is active in multiple sectors including residential, industrial, IT parks, malls and multiplexes, hospitality and community.

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