Vascon Engineers completes sale of 8 acre land

Vascon Engineers informed the bourses today that its partner Ajanta Enterprises (50 per cent JV of Vascon) has successfully concluded the sale of the land parcel of around 8 acres for a total gross consideration of Rs 170 crores to a SPV of Mapletree Investments Pte Ltd (Mapletree) situated at Kharadi, Pune.

The sale deed was executed on December 17, 2019, and the entire consideration has been received. Proceed from this transaction is likely to be utilise for reducing high cost debt and financing the growth.

Vascon’s current EPC order book stands at Rs 2,175 crore (including external EPC orders of Rs 2,049 crore and internal orders of Rs 125 crore from our real estate launches). EPC order intake is Rs 1,539 crore in FY20.

Vascon Engineers Ltd is the EPC company in India with presence in the asset light Real Estate business.

The stock of Vascon Engineers responded positively to this development and touched an intra-day high of Rs 14.90 apiece on BSE, up by 7 per cent from previous close.