Board of VA Tech WABAG approves infusion of equity capital aggregating to Rs 120 crore

The proposed investors include Rekha Rakesh Jhunjhunwala, Sushma Anand Jain, Anand Jaikumar Jain and Basera Home Finance Ltd. "...is pleased to announce that its Board of Directors has considered the Letters of Consent received from the marquee, high networth investors and approved the infusion of equity capital into the company," the city-based company said in a BSE filing.

Chennai, Aug 25 (PTI): Water treatment player VA Tech WABAG Ltd on Tuesday said its board of directors has considered the Letters of Consent received from "marquee, high networth investors" and approved capital infusion aggregating to Rs 120 crore. The proposed investors include Rekha Rakesh Jhunjhunwala, Sushma Anand Jain, Anand Jaikumar Jain and Basera Home Finance Ltd.

"...is pleased to announce that its Board of Directors has considered the Letters of Consent received from the marquee, high networth investors and approved the infusion of equity capital into the company," the city-based company said in a BSE filing. The issue of equity shares on preferential basis to the proposed investors are subject to approval at the annual general meeting scheduled to be held on September 23, the company said.

"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," company MD Rajiv Mittal said.

"...we believe this well timed equity infusion will provide the necessary growth capital for the company to scale greater heights," 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, the statement added.PTI VIJ BN WELCOME WELCOME