Vascon interested in developing non-major airports

News Posted - 2010-02-17

Vascon Engineers, an engineering, procurement and construction (EPC) services and real estate development company, plans to develop non-major airports in India with foreign joint venture partners, a top company official said.

"We plan to develop upcoming airports in the country with foreign JV partners. This will add value to our propositions," Vascon Engineers chairman and managing director, R Vasudevan, told PTI here today.

The company is also interested in various government and low-cost housing projects, including slum area development in the country, he said.

Today, the company listed at Rs 156 on the National Stock Exchange (NSE), at a discount of 5.5 per cent to its issue price of Rs 165.

It touched a high of Rs 171.95 and low of Rs 155 on the NSE in early trading.

On the Bombay Stock Exchange (BSE), its shares opened at Rs 170. It was trading at Rs 163.55 and touched a high of Rs 173.45 and low of Rs 155.90, in early trading.

The company has raised Rs 178.20 crore through its IPO, which will be used for its EPC contracts and real estate development projects, repayment of debt and general corporate purposes.

"We plan to utilise the proceeds for our expansion. We will also repay Rs 39 crore debt," Vasudevan said.

The issue of 10,800,000 equity shares opened for subscription during January 27-29 at a price-band of Rs 165-185 and was subscribed 1.22 times.

Vascon is an engineering, procurement and construction services and real estate development company with operations across states. It provides EPC services for its own projects as well as to third-parties and its third-party EPC clients include well-known companies such as Cipla, Kirloskar Brothers and Symbiosis, among others.

Source: DNA 15/2/2010