VA Tech Wabag, a company engaged in water treatment has been in focus as several high net worth individuals (HNIs) invested into the company. VA Tech Wabag has approved an issue of 7.5 million shares on preferential basis to 3 marquee investors and raised a total of `120 cr.
Among them, veteran investor Rakesh Jhunjhunwala’s wife Rekha 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. The transactions happened at Rs 160/share.
The allotment is subject to shareholders’ approval during the company’s AGM on September 23rd. “We would like to extend a warm welcome to all the potential incoming investors, each of whom enjoy a high level of respect and credibility in the financial markets ecosystem. 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,” said Rajiv Mittal, MD & Group CEO, VA Tech Wabag.
He said the company with its technology focus, asset light model and global presence is well positioned to consolidate its leadership in the water technology sector.
VA Tech which is in the business of design, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants planned to fuel growth plans and explore newer business opportunities via they’re fund raise.