Rekha Rakesh Jhunjhunwala will likely be issued up to 50 lakh shares for Rs 80 crore, Basera Home Finance Private Limited will pick up 15 lakh at Rs 24 crore and Sushma Anand Jain & Anand Jai will get 10 lakh shares at Rs 16 crore.
VA Tech Wabag is planning
to raise Rs 120 crore from three marquee investors, including Rekha
Jhunjhunwala (wife of ace investor Rakesh Jhunjhunwala).
In an exchange filing, the
Chennai-based water and sewage treatment company said its board had considered
equity infusion on a preferential basis at Rs 160 apiece, which is at 30
percent discount to the stock’s closing price on August 25.
Rekha Rakesh Jhunjhunwala will
be issued up to 50 lakh shares for Rs 80 crore, Basera Home Finance
Private Limited will pick up 15 lakh at Rs 24 crore and Sushma Anand Jain
and Anand Jai will get 10 lakh shares at Rs 16 crore.
"This is the first time
the company has proposed to raise equity capital since its IPO in 2010 and 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," MD
& Group CEO Rajiv Mittal said.
With its technology focus,
asset-light model and global presence, the company is well-positioned to
consolidate its leadership in the water technology sector, he said.
In the backdrop of growing
awareness and need for sustainable businesses, across the world, the company is
an ideal destination for global investors, especially for ESG focused
investors, Mittal said.
Despite the approval of equity
infusion plans, shares of VA Tech Wabag were trading at Rs 223, down 1.89 percent on the BSE.
The stock touched an intraday high of Rs 235 and an intraday
low of Rs 210.10. On a year-to-date basis, it is up nearly 22 percent.
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