Va Tech Wabag announced that its board approved the proposal for fund raising by way of issuance of non-convertible debentures upto Rs 200 crore to Asian Development Bank (ADB) on a private placement basis.
The issue could be done in one or more tranches/series, subject to necessary approvals, permissions, consents and sanctions as may be required.The tenure of the debentures is 5 years and 3 months.
The company said that the board also placed on record its appreciations in regards to the management's continuous efforts towards debt optimization and mentioned that this NCD proposal will further contribute to the same.
Further, the board has also approved the appointment of Integrated Registry Management Services as the registrar and transfer agent (RTA) with immediate effect for issuance/allotment of the above said NCD to the ADB.
VA Tech Wabag provides turnkey solutions for water and wastewater treatment to municipal and industrial segments. The company undertakes turnkey contracts for design, engineering, procurement, construction, erection, commissioning and operation and maintenance of water and wastewater treatment plants. The company has presence across India, North Africa, Middle East, China, and South East/Central/Eastern Europe and is one of the leading water management solutions providers across the world.
The company's consolidated net profit increased 77.99% to Rs 46.67 crore on a 9.71% rise in sales to Rs 750.38 crore in Q2 FY23 over Q2 FY22.
The scrip declined 0.22% to currently trade at Rs 311.30 on the BSE.
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