You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

VA Tech Wabag raises Rs 120 cr from Jhunjhunwala and two others HNIs

Capital Market 

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.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, August 26 2020. 12:07 IST