Vascon Engineers Continues to Extend Losses After Cancellation of Proposed Preferential Allotment

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).

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