Vascon Engineers seeks Sebi nod to raise up to Rs 100 cr

Vascon Engineers has sought market regulator Sebi's approval to raise upto Rs 100 crore through a rights issue.
In rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.
As per the draft letter filed with Sebi, the company plans to issue "rights equity share not exceeding an amount of Rs 1,000 million by the company to the eligible equity shareholders of the company...."
The company plans to use the proceeds of the issue for repayment of loan, to finance the construction of ongoing projects and for general corporate purposes.
Vascon Engineers is active in multiple sectors including residential, industrial, IT parks, malls and multiplexes, hospitality and community.

IDFC Securities and IDBI Capital Market Services are acting as lead manager to the issue, while Karvy Computershare is the registrar.