Crest Ventures to acquire 5.12% stake in Vascon Engineers for ~Rs25cr; Stock gains 4.5%

The company is doing a long-term strategic investment in Vascon which is into real estate development.

Aug 20, 2021 09:08 IST India Infoline News Service

Acquisition Concept
Crest Ventures Limited (CVL) has agreed to acquire through preferential allotment, 1,11,35,857 equity shares being 5.12% of the post-issue Equity Share Capital of Vascon Engineers Limited, at a total consideration of Rs24,99,99,990, subject to shareholders and other regulatory approvals. The issue price is Rs22.45 per share.

The company is doing a long-term strategic investment in Vascon which is into real estate development including owning and operating projects with a focus on mid-range housing.

“Vascon Engineers has more than 30 years of experience in conceiving, developing, constructing and managing varied projects. It has presence across multiple sectors including residential, industrial, IT parks, malls and multiplexes, hospitality and community welfare centres, schools and hospitals. Vascon's projects range from sprawling factories to premium homes, from glittering malls to towering software parks and classy elegant schools,” company said in a filing on Wednesday.

 The company stock hit a day's high of Rs125.50 per piece early on Friday, up 4.5% on the BSE.

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