Crest Ventures to acquire 5.1% stake in Vascon Engineers for Rs 25cr
Crest Ventures Limited, a Mumbai-based non-banking finance company, said that it will acquire a stake of 5.12% in Vascon Engineers Limited for nearly INR 250 million ($3.36 million).
Vascon Engineers, which is based in Pune is a construction engineering company. It is engaged in real estate development, which includes owning and operating projects with a focus on mid-range housing.
Incorporated in 1986, Vascon Engineers has over three decades of experience in the conception, development, construction, and management of varied projects.
The Indian construction company has footprint across various sectors such as residential, IT parks, industrial, hospitality, malls and multiplexes, and community welfare centres, hospitals, and schools.
Its real estate projects are said to range from premium homes to sprawling factories, from towering software parks to glittering malls, and classy elegant schools.
As per the agreement, Crest Ventures will acquire over 11.1 million shares in the construction engineering firm through preferential allotment at a price of INR 22.45 per share.
The objective of acquiring the stake in Vascon Engineers is a strategic long-term investment, said Crest Ventures.
The deal is subject to shareholders’ approvals and other regulatory approvals.