Vascon Engineers Ltd has approved a plan to raise Rs 125 crore through a Qualified Institutional Placement (QIP). The company's board of directors has authorized a QIP committee to determine the terms and conditions of the fundraising.
New Delhi, Nov 30 (PTI) Vascon Engineers Ltd on Thursday said it is planing to raise Rs 125 crore through the Qualified Institutional Placement (QIP) route.
A decision in this regard was taken at the meeting of its board of directors, Vascon Engineers Ltd said in a filing to the exchanges.
The board has approved "raising of funds by way of issuance of such number of equity shares and/ or other eligible securities or any combination for an aggregate amount not exceeding Rs 125 crore or an equivalent amount thereof by way of qualified institutions placement," it said.
The proposal is subject to the receipt of necessary regulatory/statutory approvals, as may be required, the company said.
Further, the board also constituted a QIP committee and authorised it to decide the terms and conditions of the proposed fundraise for the issue and allotment of equity shares and/or other convertible securities.
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