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WABAG to raise Rs 120 cr from Rekha Rakesh Jhunjhunwala and others

Company says this is the first time it has proposed to raise equity capital since its IPO in 2010

Topics
VA Tech Wabag | Rakesh Jhunjhunwala | ESG funds

T E Narasimhan  |  Chennai 

VA Tech Wabag
The company is a leading water engineering player. Since 1995, WABAG has completed over 900 water and wastewater plants worldwide

(WABAG) today announced a preferential issue of equity shares aggregating to Rs 120 crore to marquee investors and high net worth individuals such as Rekha Rakesh Jhunjhnwala and others. Basera Home Finance would also be participating.

The Board of Directors has considered the Letters of Consent received from a host of investors and approved the infusion of equity capital into the Company.

Rajiv Mittal, MD & Group CEO, said that this is the first time the Company has proposed to raise equity capital since its IPO in 2010. "We believe that this well timed equity infusion will provide the necessary growth capital for the Company to scale greater heights. We look forward to a long-term association with each of the potential incoming investors," he said.

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The company with its technology focus, asset light model and global presence is well positioned to consolidate its leadership in the Water Technology sector. In the backdrop of a growing awareness and need for Sustainable businesses, across the world, we believe that the Company is an ideal destination for global investors, especially for ESG focused investors, he added.

The company is a leading water engineering player. Since 1995, WABAG has completed over 900 water and wastewater plants worldwide

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First Published: Tue, August 25 2020. 17:49 IST
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