Vascon Engineers Limited Convenes Extraordinary General Meeting
Vascon Engineers Limited has announced an Extraordinary General Meeting (EGM) scheduled for May 18, 2026, at 11:30 a.m. IST through video conferencing to seek shareholder approval for the issuance of fully convertible warrants and enhanced borrowing powers.
- The meeting will be conducted in accordance with Ministry of Corporate Affairs and SEBI guidelines.
- Remote e-voting will be available from May 13 to May 17, 2026.
Issuance of Fully Convertible Warrants
The primary business before shareholders involves the issuance of up to 2,00,00,000 fully convertible warrants on a preferential basis at an issue price of ₹40 per warrant.
- Each warrant will be convertible into one fully paid-up equity share of ₹10 face value.
- The proposed allottees include Siddharth Vasudevan Moorthy (Individual Promoter) and Pratik Saraogi (Individual Non-Promoter), each eligible to receive 1,00,00,000 warrants.
Key Highlights of the Issue
- The company intends to raise up to ₹80 crore through this issuance.
- The proceeds will be allocated across three main purposes:
- Up to ₹32 crore for real estate new launches.
- Up to ₹32 crore for working capital requirements for EPC operations.
- Up to ₹16 crore for general corporate purposes.
Pricing and Valuation
The issue price of ₹40 per warrant has been determined based on the higher of two valuation methods.
- The 90-trading days volume weighted average price (VWAP) on the National Stock Exchange preceding the relevant date of April 17, 2026, was ₹39.81.
- The 10-trading days VWAP was ₹35.32.
- An independent registered valuer recommended a fair value of ₹38.76 per share.
Borrowing and Security Creation
The EGM also seeks approval for two additional resolutions.
- The company requests authorization to borrow up to ₹1500 crore in excess of its paid-up share capital and free reserves.
- Concurrently, shareholders are being asked to approve the creation of charges, mortgages, and hypothecation on movable and immovable properties to secure such borrowings, up to the same value of ₹1500 crore.
Shareholding Impact
Following the preferential issue, the promoter and promoter group shareholding will increase from 30.38% to 31.94%, while public shareholding will decrease from 69.62% to 68.06%.
Reconciliation of Share Capital Audit Report
Vascon Engineers Limited has submitted its reconciliation of share capital audit report for the quarter ended March 31, 2026, to the National Stock Exchange of India Limited and BSE Limited.
Share Capital Structure
The company's share capital structure as of March 31, 2026, demonstrates complete dematerialization of its equity shares.
- Number of Shares: 23,16,97,111
- Issued Capital: 100.00%
- Dematerialized: 100.00%
- Held in CDSL: 58.91%
- Held in NSDL: 41.09%
ESOP Allotment During Q4FY26
A significant development during the quarter was the allotment of shares under the Employee Stock Option Scheme.
- Details:
- ESOP Shares Allotted: 30,30,000
- Face Value: Rs.10/- each
- Scheme: Employees Stock Option Scheme - 2020 (ESOS-2020)
- Listing Approval Date: March 27, 2026
- Trading Commencement: March 30, 2026
- Stock Exchanges: BSE and NSE
Compliance and Administrative Details
The audit report confirms full compliance with regulatory requirements.
- Register of Members: Updated as of the quarter end
- Demat Requests: No requests confirmed after 21 days or pending beyond 21 days
- Previous Quarter Issues: No excess dematerialized shares reported
- Share Registry: KFin Technologies Limited serves as the common agency
Corporate Information
Vascon Engineers Limited operates from its registered and corporate office at Vascon Weikfield Chambers, Behind Hotel Novotel, Opposite Hyatt Hotel, Pune-Nagar Road, Pune - 411014.
- The company's securities are listed on both BSE Limited and National Stock Exchange of India Limited under the symbol VASCONEQ and scrip code 533156 respectively.