Shares of Va Tech Wabag slipped as much as 7.56 per cent to Rs 210.10 apiece on the BSE. This occured a day after the company said its board has approved the issuance of up to 75,00,000 equity shares on a preferential basis, at a price of Rs 160 per share aggregating Rs 120 crore.
The proposed investors include marquee names and high net worth individuals (HNIs) such as Rekha Rakesh Jhunjhnwala, Basera Home Finance, and Sushma Anand Jain Anand Jaikumar Jain (joint holding).
Rajiv Mittal, MD & Group CEO, VA Tech Wabag, says, "This is the first time the Company has proposed to raise equity capital since its IPO in 2010. "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.”
At 09:50 AM, the stock was trading around 5.5 per cent lower at Rs 214.90 on the BSE. In comparison, the S&P BSE Sensex was trading flat at 38,866, up 0.06 per cent. Va Tech Wabag shares had hit a 52-week high of Rs 311.90 on September 12, 2019, while its 52-week low level stands at Rs 73, hit on April 7, 2020.
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