Vascon acquires 90% in GMP Technical Solutions

Posted By: Religare
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Vascon Engineers, the engineering procurement and construction (EPC) and real estate company, said that it has acquired 90 per cent of equity shares of GMP Technical Solutions Pvt Ltd a Company with a turnover of over Rs 120 crore for Rs 62.63 crore a sum that was raised internally. The company's board of directors had gave its nod for this acquisition on August 7, 2010. Commenting on this acquisition, managing director R Vasudevan told on news agency "Vascon's current debt to equity ratio is .37 and with this acquisition, it will not change much. Part of it is coming from better cash flows happening this year and we have structured it in such a way that it wont have much debt increased. In terms of manpower the company has 450 people currently". GMP Technical Solutions has three divisions - Manufacturing Division that incorporates Manufacturing of clean rooms, office partitions, door sets and storage racks, BMS Division. The second is the Building Management Services, H. V. A. C and Electrical Design and Execution while the third is the QA Technical Services Division: Validation and Certification of Weights and other measures. Vascon Engineers is currently trading at Rs.150.9, up by 8.64% at 12.01 PM on BSE. The stock hit an intraday high of Rs.160 till now, as against the 52-week high of Rs.173.45.The stock hit a low of Rs.139.9 during the day. The stock had hit a 52-week low of Rs.119 on March 3, 2010. The stock opens at Rs.141 at BSE. The total traded volume of the scrip on BSE till now stood at 241352. Meanwhile today, the BSE Sensex is trading up by 67.80 points, or 0.37%, at 18211.79 on 12:01 PM. The NSE Nifty is trading up by 26.65 points, or 0.49%, at 5465.9. The total shareholding pattern of the company as on March 2010 stood at Promoters- 38.55%, Institutional Investors- 5.81%, General Public- 2.48% and other investors- 53.15%. Considering the current price of Rs. 150.9 at 12:01:00 PM, the stock had outperformed the market over the past one month till 09/08/2010 surged 9.95% as compared to the Sensex's return of 1.53% and NSE Nifty's 1.54 % returns. Considering the current price of Rs. 150.9 at 12:01:00 PM, the stock had underperformed the market over the past one quarter till 09/08/2010 surged 1.17% as compared to the Sensex's return of 5.91% and NSE Nifty's 6 % returns.

Read more about: vascon engin, nse, bse
Story first published: Monday, August 9, 2010, 12:11 [IST]
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