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The fund raising proposal is subject to the receipt of necessary regulatory and statutory approvals, as may be required.
Further, the board of directors have also constituted the ‘QIP Committee’ and authorized such committee to decide, the terms and conditions of the proposed fund-raising for issue and allotment of equity shares and/or other convertible securities.
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 civil construction 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.
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