| Updated on May 18, 2016 Published on May 18, 2016

Vascon Engineers Ltd has informed BSE that GMP Technical Solutions Pvt. Ltd. (‘GMP’) is a material subsidiary of Vascon Engineers Limited.

On the request of the above such subsidiary, Board of Directors of Vascon Engineers Limited (the ’Board’) has approved the issuance of corporate guarantee to an extent of Rs. 2.28 crores in favour of Samsung C&T India Private Limited (‘Samsung’) for timely performance of the contact at DAICEC Project Office-Mumbai.

Further Board has approved the issuance of corporate guarantee in favour of Tata Capital Financial Services Ltd. for a sum of Rs. 6.41 crores for the loan to be availed by GMP for the purchase of equipments at an interest rate of 13.25% for a period of 60 months.

Promoter/ promoter group/ group companies does not have any interest in the transaction.

Source : BSE - >www.bseindia.com

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Published on May 18, 2016
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