VA Tech Wabag on Tuesday (25 August) said it has raised Rs 120 crore from marquee and high networth investors, which include the wife of well-known investor Rakesh Jhunjhunwala.The company's board of directors has considered the letters of consent received from three investors and approved the infusion of equity capital into the firm. VA Tech Wabag will issue up to 75 lakh equity shares on a preferential basis at a price of Rs 160 per share to raise Rs 120 crore from three investors.
Rekha Rakesh Jhunjhunwala invested Rs 80 crore for 50 lakh shares of the company on preferential basis. Basera Home Finance bought 15 lakh shares for Rs 24 crore and Sushma Anand Jain along with Anand Jaikumar Jain 10 lakh shares for Rs 16 crore. Shares were purchased at Rs 160 per share.
On a consolidated basis, the company's net profit tumbled 25.3% to Rs 30.47 crore on a 15.6% rise in net sales to Rs 785.06 crore in Q4 FY20 over Q4 FY19.
Shares of Va Tech Wabag were down 4.22% to Rs 217.70 on BSE. VA Tech Wabag designs and builds water and sewage treatment plants. The company constructs sewage treatment, processed and drinking water treatment, effluents treatment, sludge treatment, desalination and reuse plants. It serves municipalities and customers in the power, steel, and oil and gas industries.
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