Vascon's JV concludes Rs170cr land sale; stock up ~2%

Vascon Engineers ZOOMS
Vascon Engineers Ltd (Vascon), one of the leading EPC companies in India with presence in the asset light Real Estate business, headquartered in Pune, informed the exchanges today that Ajanta Enterprises, 50% Joint Venture of Vascon, has successfully concluded the sale of land parcel measuring approximately 8 acres for a total gross consideration of Rs170cr to a SPV of Mapletree Investments Pte Ltd (Mapletree) situated at Kharadi, Pune.

The stock is trading higher by ~2% in trade today.

The sale deed was executed on December 17, 2019 and the entire consideration has been received. Ajanta Enterprises has balance 8 lakhs sq.ft. of development part of which is under progress.

Commenting on the recent transaction Mr. R Vasudevan, Chairman, Vascon Engineers Ltd said, “I am happy to share that monetization of a land parcel in Pune has significantly improved the growth potential of the organisation. We believe this is a significant achievement for the company as the proceeds will be utilized towards reducing
high cost debt and financing the growth. We are very excited and confident that our business is entering into the higher-growth trajectory.”

Stock view:
Vascon Engineers Ltd is currently trading at Rs14.04 up by Rs0.14 or 1.01% from its previous closing of Rs13.90 on the BSE.

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