Vascon Engineers informed the exchange that theirB oard of Directors & Shareholders of the Company, at their respective meeting held on 17th July 2024 and 16th August 2024, resolved to disinvest 12689 equity shares i.e. 100% equity stake/ investment of the Company held in GMP Technical Solutions Private Limited, a material subsidiary of the Company.
The company also informed the exchange that the closing under the share purchase agreement dated July 17, 2024 has occurred and the Company has received the sale consideration of Rs. 157,35,65,190/- on October 10, 2024 and with effect from October 10, 2024, GMP Technical Solutions Private Limited has ceased to be a material subsidiary of the Company.
The transfer of 12689 equity shares (representing 100% equity stake of the Company in GMP Technical Solutions Private Limited) have been effected in demat form and we also confirm that all extant regulations regarding transfer of such equity shares have been complied with.
GMP was sold to Japanese conglomerate Shinryo Corporation. GMP Technical Solutions is India’s second largest clean room equipment maker, having been a supplier to a number of sectors such as pharmaceuticals, biotechnology, lithium-ion batteries, and others. GMP also provides clean room partitions to emerging sectors like semiconductor assembly and manufacturing.