Vascon Engineers Limited saw a 2.46% rise in its share price today, trading at ₹61.99, after the company announced the completion of its sale of GMP Technical Solutions Private Limited. The deal, which had been in the works since July 2024, was finalized today with Vascon receiving ₹157.35 crore for the sale.
This sale marks the disinvestment of 100% of Vascon’s equity stake in GMP Technical Solutions, signaling a strategic move for the company. GMP Technical Solutions, a material subsidiary of Vascon, will no longer be a part of the company as of October 10, 2024. The successful completion of this sale was reflected positively in the market, pushing Vascon’s stock higher on the National Stock Exchange (NSE).
Vascon Engineers Limited, known for its diverse presence in the construction and engineering sectors, appears to be realigning its business focus with this transaction. As the company continues to streamline its operations, investors will likely keep a close watch on further developments.