Vascon Engineers to Divest Entire Stake in GMP Technical Solutions for Rs. 157 Crore

Vascon Engineers Ltd. announced the outcome of its Board Meeting held on July 17, 2024. The Board approved the divestment of 100% equity stake in its material subsidiary, GMP Technical Solutions Private Limited, to Shinryo Corporation for an aggregate consideration of Rs. 157 Crore. The transaction is subject to shareholder approval, lender consent, and other necessary approvals. Post the transaction, GMP will cease to be a subsidiary of the Company. The Board also approved the Notice of Extra Ordinary General Meeting to seek necessary approval of the members for the disposal of Equity Shares/Investment in Material Subsidiary. Additionally, Ms. Neelam Pipada was appointed as Company Secretary & Compliance Officer of the Company.