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Vascon Engineers board approves plan to raise Rs 125 crore via QIPs

Vascon Engineers Ltd board also constituted a QIP committee and authorised it to decide the terms and conditions of the proposed fundraise for the issue

vascon

The proposal is subject to the receipt of necessary regulatory/statutory approvals, as may be required, the company said.

Press Trust of India New Delhi

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Vascon Engineers Ltd on Thursday said it is planing to raise Rs 125 crore through the Qualified Institutional Placement (QIP) route.

A decision in this regard was taken at the meeting of its board of directors, Vascon Engineers Ltd said in a filing to the exchanges.

The board has approved "raising of funds by way of issuance of such number of equity shares and/ or other eligible securities or any combination for an aggregate amount not exceeding Rs 125 crore or an equivalent amount thereof by way of qualified institutions placement," it said.

The proposal is subject to the receipt of necessary regulatory/statutory approvals, as may be required, the company said.

 

Further, the board also constituted a QIP committee and authorised it to decide the terms and conditions of the proposed fundraise for the issue and allotment of equity shares and/or other convertible securities.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Nov 30 2023 | 9:04 PM IST

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