Shares of VA Tech Wabag surged 7 per cent to Rs 204.65 on the BSE in the intra-day trade on Wednesday after the company allotted 5 million equity shares to Rekha Rakesh Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala on preferential basis.
VA Tech Wabag, the Indian multinational player in the water treatment industry, had decided to raise Rs 120 crore via preferential issue on August 25.
Consequently, the board had approved issue of 7.5 million equity shares at price of Rs 160 per share, the company said in its BSE filing.
On Tuesday, the board allotted 5 million shares to Rekha Rakesh Jhunjhunwala, 1.5 million shares to Basera Home Finance, and 1 million shares to Sushma Anand Jain and Anand Jaikumar Jain. READ HERE
In the past three months, the market price of VA Tech Wabag has rallied 87 per cent, as compared to 8.6 per cent rise in the S&P BSE Sensex.
At 09:50 am, the stock was up 5 per cent at Rs 200 on the BSE, as against 0.26 per cent decline in the S&P BSE Sensex. A combined around 660,000 equity shares had changed hands on the counter on the NSE and BSE till the time of writing o this report.
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