Vascon Engineers to avail new term loan to prepay existing high cost loan

The Board of Directors of Vascon Engineers Limited at its meeting concluded today, has approved the availing of term loan facility of Rs. 30.00 Crores from Aditya Birla Finance Limited at 13.00% rate of interest. The aforesaid facility shall be utilized to prepay the existing loan of Rs. 24.33 Crores from JM Financial Credit Solutions Limited having 17.20% rate of interest and balance shall be utilized for completion of the project 'Vascon Good Life' and other project expenses.

Shares of Vascon Engineers Limited was last trading in BSE at Rs. 24.60 as compared to the previous close of Rs. 23.55. The total number of shares traded during the day was 162105 in over 1046 trades.

The stock hit an intraday high of Rs. 25.50 and intraday low of 23.20. The net turnover during the day was Rs. 3998775.00.

Source : Equity Bulls

Keywords

VasconEngineers INE893I01013 TermLoan Prepayment HighCostLoan