Vascon Engineers - Plans To Develop Non-Major Airports in India with

Foreign Joint Venture Partners

Vascon Engineers, an engineering, procurement and construction (EPC) services

and real estate development company , plans to develop non-major airports in
India with foreign joint venture partners, a top company official said. “We plan to
develop upcoming airports in the country with foreign JV partners. This will add value
to our propositions,” Vascon Engineers chairman and managing director, R
Vasudevan, told PTI here today.

The company is also interested in various government and low-cost housing

projects, including slum area development in the country, he said. Today, the
company listed at Rs 156 on the National Stock Exchange (NSE), at a discount of
5.5 per cent to its issue price of Rs 165. It touched a high of Rs 171.95 and low of Rs
155 on the NSE in early trading.

On the Bombay Stock Exchange (BSE), its shares opened at Rs 170. It was trading
at Rs 163.55 and touched a high of Rs 173.45 and low of Rs 155.90, in early trading.
The company has raised Rs 178.20 crore through its IPO, which will be used for its
EPC contracts and real estate development projects, repayment of debt and general
corporate purposes.

“We plan to utilize the proceeds for our expansion. We will also repay Rs 39 crore
debt,” Vasudevan said. The issue of 10,800,000 equity shares opened for
subscription during January 27-29 at a price-band of Rs 165-185 and was
subscribed 1.22 times.