VA Tech Wabag soars 7% on allotment of 5 mn shares to Rekha Jhunjhunwala

The board also allotted 1.5 million shares to Basera Home Finance, and 1 million shares to Sushma Anand Jain and Anand Jaikumar Jain on preferential basis

Shares of VA Tech Wabag surged 7 per cent to Rs 204.65 on the BSE in the intra-day trade on Wednesday after the company allotted 5 million equity shares to Rekha Rakesh Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala on preferential basis.

VA Tech Wabag, the Indian multinational player in the water treatment industry, had decided to raise Rs 120 crore via preferential issue on August 25. Consequently, the board had approved issue of 7.5 million equity shares at price of Rs 160 per share, the company said in its BSE filing.

On Tuesday, the board allotted 5 million shares to Rekha