Vascon Engineers Ltd approves Rights Issue at Rs. 15

Vascon Engineers Ltd approves Rights Issue at Rs. 15The Proposed Issue of Equity Shares of Face Value of Rs. 10/- Each ("Rights Equity Shares") of Vascon Engineers Limited (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. 1,000 million 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 June 13, 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.

Shares of Vascon Engineers Ltd was last trading in BSE at Rs.17.35 as compared to the previous close of Rs. 16.65. The total number of shares traded during the day was 13422 in over 98 trades.

The stock hit an intraday high of Rs. 18.45 and intraday low of 17.25. The net turnover during the day was Rs. 240370.

Source : Equity Bulls

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