Vascon hits 20% LC

Vascon Engineers hit the 20% lower circuit at Rs.45.45 and this was on the back of cancellation of its proposed preferential allotment of fully compulsorily convertible debentures to Manan Finserv and Vinca Rosea Farms.

The company stated, “Due to certain differences between the company with proposed investors, both parties have decided to terminate the arrangement. Accordingly, the company has cancelled proposed preferential allotment of compulsorily convertible debentures to the proposed investors."