In an exchange filing, Vascon Engineers said, “The proposal of raising of funds by issue of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods.”

The funds raising is subject to such regulatory/statutory approvals as may be required including approval of shareholders.

Vascon Engineers is engaged in the EPC, real estate construction and development business. The real estate business of VEL comprises construction of residential and office complexes along with information technology parks, industrial units, shopping malls, multiplexes, educational institutions and hotels. Under the EPC segment, VEL has executed construction contracts. It primarily caters to government departments and authorities.

The company's consolidated net profit declined 8.8% to Rs 20.66 crore on 0.1% decrease in net sales to Rs 217.10 crore in Q2 FY24 over Q2 FY23.