VA Tech Wabag up 1%; step-down subsidiary in Egypt liquidated

The company said VA Tech Wabag Egypt Ltd, a subsidiary of VA Tech Wabag GmbH, Austria has been liquidated.

Shares of VA Tech Wabag were up nearly 1% at Rs 516 on the Bombay Stock Exchange, in an otherwise weak market, after the company announced that its step-down subsidiary in Egypt has been liquidated.

The company in a release to the stock exchange said that VA Tech Wabag Egypt Ltd, a subsidiary of VA Tech Wabag GmbH, Austria, the company's step-down subsidiary is liquidated.

Consequent to the above, VA Tech Wabag Egypt Ltd, ceases to be a step-down subsidiary of the company, the release added.

The stock opened at Rs 514 and touched a high of Rs 521. At 11:10am, over 16,000 shares were traded on both the stock exchanges.