Construction Stock Set To Consider Fund Raising On Nov 30, Rises 110% YTD

Small cap stock from the construction sector, Vascon Engineers Ltd announced on November 24 that it will consider the proposal of fund raising on November 30, 2023. However, Vascon Engineers shares ended in red with the decline of 1.35% on BSE to 75.10 apiece.

Vascon Engineers share BSE gained 110% YTD and soared 459% in last 3-years. Recently Vascon Engineers bagged 2 orders in November only. Check details below:

Vascon Engg Board To Mull Fund Raising: According to the regulatory filing of the company issued on November 24, 2023, "meeting of Board of Directors of Vascon Engineers Limited ("Company/Board") is scheduled on Thursday, 30th November, 2023 inter alia, to consider and approve the proposal of raising of funds by issue of Equity Shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws and to approve ancillary actions for the above mentioned fund raising subject to such regulatory/statutory approvals as may be required including approval of shareholders in this regard."

Vascon Engineers Bags 2 Orders In November: The company informed on November 20 that it has received Letter of Intent from Municipal Secretary's Department - Pimpri-Chinchwad Municipal Corporation, Pune of Rs. 356.78 Crores (excluding GST) for Construction of General Hospital Building for PCMC Hospital in Moshi, Pimpri-Chinchwad, Pune (Maharashtra).

It received an order from Prakash co-operative Housing Society Ltd and the work has been awarded on redevelopment basis. Vascon Engineers is expecting to generate total sales value of approximately Rs. 350 crores Project has product mix of 2,3,4 BHK flats (60 units) and commercial space with total Rera Carpet area of approx. 69000 Sq.ft free for sale.

Vascon Engineers Stock Performance & Return: Last trading price of Vascon Engineers share on BSE is Rs 75.10 per share. Its 52-week high price is Rs 84.50 per share and 52-week low price is Rs 23.83 per share, respectively. It has a market capitalisation of Rs 1662.09 crore. Vascon Engineers shares soared 97% in last 6-months, gained 98% in last 1-year, offered return of 209% in last 2-years, and gave return of 459% in last 3-years. In last 5-years, Vascon Engineers shares gained 310%.

Disclaimer: The stock just highlights the fund raising proposal and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.