Skip to main content

Va Tech Wabag jumps 6% on news Rekha Jhunjhunwala will invest Rs 80 crore

The 75 lakh shares allotment to Rekha Rakesh Jhunjhunwala is valued at Rs 80 crore for 8 percent stake. With this, Jhunjhunwala will become the major individual shareholder in the company.

Va Tech Wabag share price jumped over 6 percent in the morning trade on September 30 after the announcement Rekha Rakesh Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala, will invest Rs 80 crore in VA Tech Wabag, the Indian multinational player in the water treatment industry.

The stock was trading at Rs 202.15, up Rs 11.65, or 6.12 percent. It has touched an intraday high of Rs 204.65 and an intraday low of Rs 194.

The company has decided to raise Rs 120 crore via preferential issue, and on September 29, finalised the allotment of equity shares on a preferential basis.



"Board of directors approved the issue and allotment of 75 lakh equity shares of face value of Rs 2 each, for cash, at a price of Rs 160 per equity share aggregating to Rs 120 crore by way of preferential issue to four investors," company said in its BSE filing.

Board approved the allotment of 50 lakh shares to Rekha Rakesh Jhunjhunwala, 15 lakh shares to Basera Home Finance, and 10 lakh shares to Sushma Anand Jain and Anand Jaikumar Jain.

The 75 lakh shares allotment to Rekha Rakesh Jhunjhunwala is valued at Rs 80 crore for 8 percent stake in the Va Tech Wabag.

With this, Jhunjhunwala will become the major individual shareholder in the company.

Comments

Post a Comment

Popular posts from this blog

Tata Realty looks to list 20 million sq ft of commercial assets as REIT

  The existing land bank has potential of 20 million sq. ft commercial development in the next three to four years, says CEO Sanjay Dutt Tata Realty and Infrastructure (TRIL) is planning to list its Real Estate Investment Trust (REIT) with a portfolio of 20 million sq ft of commercial assets in the next few years. This will be done after the portfolio is expanded from present 6.2 million sq ft to 20 million sq ft via new developments and acquisitions. Sanjay Dutt, managing director and chief executive officer of TRIL told The Economic Times that the existing land bank has potential of 20 million sq ft commercial development in the next three to four years. The portfolio may also include office spaces and data centre assets. He added that his team has looked at least four proposals from developers looking to monetise their portfolios including single assets and carved-out portfolios across the country. “We are targeting a 45-50 million sq ft in commercial portf...
Post a Comment
Read more

Max India shares fall 5% on relisting day

  Max India resumed trading on BSE and NSE on August 28. The company, earlier known as Advaita Allied Health Services Limited, is a part of the $3-billion Max Group. Even as the broader market sentiment was bullish, shares of Max India fell 5 percent on BSE on the day of its relisting. The stock debuted at Rs 80 on BSE but fell 5 percent soon to touch its lower price band at Rs 76 on August 28. Max India resumed trading on BSE and NSE on August 28. The company, earlier known as Advaita Allied Health Services Limited, is a part of the $3-billion Max Group. The new Max India is the holding company of Max Group’s senior-care business Antar and the skilling company Max Skill First. The relisting of Max India follows Max Healthcare’s listing last week. In a media release, the company said listings are the outcome of a comprehensive scheme announced last year that involved a series of transactions, including the demerger of KKR-backed Radiant Lifecare’s assets into Max ...
Post a Comment
Read more

Brokerages place bets on Titan, see double-digit upside in the stock

Titan can get benefits from the strong market share in the jewellery and wrist watches segment, mainly driven by a wide range of product portfolio catering mainly to the premium and value-added designer jewellery segment. After three consecutive sessions of losses, shares of Titan Company rose over a percent in morning trade on BSE on September 23. The company was dealt a severe blow by COVID-19 as the pandemic triggered strict lockdowns completely battered the retail sector. In the calendar year so far, shares of this one of the largest, most efficient and profitable specialty retailer in India are 7 percent down. The company reported a net standalone loss of Rs 270 crore for the quarter ended June 2020 as the COVID-19 pandemic hit business. The loss was higher than a CNBC-TV18 poll estimate of Rs 175 crore. Standalone revenue during the quarter declined 62.3 percent year-on-year to Rs 1,862 crore compared to the corresponding period last fiscal. Light at the end ...
Post a Comment
Read more