Vascon Engineers completes 92% stake acquisition in RSDPL from Royal Orchid Hotels; Stock gains over 1%

18 Feb 2022 , 09:15 AM

Vascon Engineers Limited (VEL) has completed the acquisition of 92% shareholding in River Shore Developers Private Limited (RSDPL) from Royal Orchid Hotels Limited (ROHL). The remaining 8% shareholding in RSDPL has been acquired by R Vasudevan, HUF. Thus, RSDPL has now become a subsidiary of VEL.

The company has sold its 43.34% shareholding held in Cosmos Premises Private Limited (CPPL), an Associated Entity, to Royal Orchid Hotels Limited, along with 6.66 % shareholding in CPPL held by certain promoter’s related persons/ entities. CPPL thus ceases to be an associate Company of VEL.

The acquisition in RSDPL and sale in CPPL were in continuation to company’s earlier disclosures dated August 21, 2021, October 21, 2021 and November 02, 2021 for execution of Memorandum of Understanding (MoU), extension of tenure of MoU and execution of Share Purchase Agreement respectively.

During early trade on Friday, Vascon Engineers Ltd was trading at Rs26.75 per piece up by Rs0.3 or 1.13% from its previous closing of Rs26.45 per piece on the BSE.