Vascon Engineers Ltd on Thursday said it is planning to raise Rs 125 crore through the Qualified Institutional Placement (QIP) route.
A decision in this regard was taken at the meeting of its board of directors, Vascon Engineers Ltd said in a filing to the exchanges.
The board has approved "raising of funds by way of issuance of such number of equity shares and/ or other eligible securities or any combination for an aggregate amount not exceeding Rs 125 crore or an equivalent amount thereof by way of qualified institutions placement," it said.
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The proposal is subject to the receipt of necessary regulatory/statutory approvals, as may be required, the company said.
Further, the board also constituted a QIP committee and authorised it to decide the terms and conditions of the proposed fundraise for the issue and allotment of equity shares and/or other convertible securities.
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