/ Vascon Engineers Extends Losses Stock Falls Below 5% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 13 June 2017

Vascon Engineers was down 5.6% at Rs 42.90 per share at 1216 hours IST on BSE, thereby extending Monday’s losses. The stock plummeted 20% in Monday’s early morning trade and was locked in lower circuit of Rs 45.45, post the cancellation of a proposed preferential allotment.

"Due to certain differences between the company and the proposed investors, both parties have decided to terminate the arrangement. Accordingly, the company has cancelled proposed preferential allotment of Compulsorily Convertible Debentures to the proposed investors,” the company stated in its filing on Monday.

The construction engineering company had earlier proposed preferential allotment of fully Compulsorily Convertible Debentures to Vinco Rosea Farms and Properties LLP and Manan Finserve Private Limited.

Vascon Engineers Limited is an engineering, procurement and construction (EPC) company. The company's principal activities include real estate development, hospitality, and manufacturing and building management system (BMS).

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