/ Lodha Group Looks To Buy Upto 15% In Vascon Engineers ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 26 April 2017

Mumbai-based property developer, Lodha Group, seeking to tap into the expanding demand for affordable housing in India, is reportedly to acquire almost 15% of Vascon Engineers, according to a leading business daily.

Vascon Engineers, a Pune-based company is to consider issuing compulsory convertible debentures (CCD) through a private placement. Lodha Ventures’ investment arm, Lodha Finserv, is reportedly going to subscribe to the CCDs, according to the leading news portal.

They further added that, the stake will not provide Lodha Finserv any representation on Vascon’s board.

The promoters of Vascon Engineers own about 37% of the company, while UTI Mutual Fund holds a 2.5% stake. Vallabh Bhansali and Aakash Bhansali of Enam Holding own about 7% of the company.

Stocks of Vascon Engineers rose 5.8% to close at Rs 54.45 on Wednesday on the NSE.

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