Vascon Engineers has confirmed that the issue price for the preferential allotment of 2 crore fully convertible warrants remains fixed at Rs 40, following a recalculation of the floor price. The company clarified that the revised floor price of Rs 39.90, derived from the 90-day volume-weighted average price (VWAP), continues to comply with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The preferential issue was approved by shareholders in an Extra-Ordinary General Meeting (EGM) held on May 18, 2026.

In response to observations from the National Stock Exchange of India Limited, the company stated that the relevant date for pricing remains April 17, 2026. However, the floor price calculation was referenced to the 90 and 10 trading days preceding this date. The 90-day VWAP was determined at Rs 39.90, while the 10-day VWAP stood at Rs 34.63. Consequently, the minimum offer price was established at Rs 39.90, which is lower than the proposed issue price of Rs 40.

Regarding the valuation report, the company disclosed that it had obtained the document under Regulation 166A of SEBI ICDR Regulations, 2018. The company noted that while the post-allotment shareholding of Mr. Siddharth Vasudevan Moorthy would be 5.79%, the report was secured as a conservative measure. The regulations stipulate that a valuation report is not required if there is no change in control or if the allotment does not exceed five percent to an allottee or those acting in concert.

The company also provided an updated shareholding pattern on a fully diluted basis, correcting an earlier disclosure in the EGM notice that had not considered ESOP shares granted but not allotted. The revised data indicates that the total share capital will increase to 25,73,17,111 equity shares post-allotment.

Shareholding Pattern Post-Allotment

The following table outlines the shareholding structure before and after the preferential issue on a fully diluted basis:

Allottee Shareholding Details

The company further clarified the revised shareholding of the proposed allottees on a fully diluted basis. The table below details the pre and post-issue holdings for the identified allottees:

The preferential allotment includes warrants issued to persons belonging to the promoter and non-promoter categories. The certification regarding the pricing compliance was provided by Amit Jaste and Associates, Practising Company Secretaries.

Vascon Engineers Limited has secured a significant work order worth ₹347.43 crore from the Central Public Works Department, Guwahati. The contract entails the demolition and re-development of RBI Quarters situated at the Zoo-Narengi Road Colony in Guwahati, Assam. This project, awarded on an EPC basis, underscores the company's continued engagement in government infrastructure development.

The order value of ₹347.43 crore includes the Goods and Services Tax (GST). The project has been classified as a domestic entity award, with no interest declared by the promoter or promoter group in the entity awarding the contract. The company also confirmed that the transaction does not fall under the ambit of related party transactions.

Project Details

The scope of work involves comprehensive demolition and subsequent re-development activities at the specified site. The execution of the project is governed by specific terms and conditions outlined in the Letter of Intent issued by the Office of the Executive Engineer, Guwahati Division. Key details of the order are outlined below:

Execution Timeline

Vascon Engineers is required to complete the entire scope of work within 36 months from the date of receipt of the order. The disclosure was made to the National Stock Exchange of India Limited and BSE Limited on June 10, 2026, in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.