Vascon Engineers share price gained more than 7 percent intraday on December 23 after the company's joint venture partner concluded the sale of land parcel in Pune.
Ajanta Enterprises, 50 percent joint venture of the company has successfully concluded the sale of land parcel measuring approximately 8 acres for a total gross consideration of Rs 170 crore to a SPV of Mapletree Investments Pte Ltd (Mapletree) situated at Kharadi, Pune.
The sale deed was executed on December 17, 2019, and the entire consideration has been received.
Ajanta Enterprises has balance 8 lacs square feet of the development part of which is under progress.
"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," R Vasudevan, Chairman, Vascon Engineers.
At 11:57 hrs, Vascon Engineers was quoting at Rs 13.99, up Rs 0.09, or 0.65 percent on the BSE.
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