Shares of VA Tech Wabag rose over 5% in early trade today after the water technology company inked an agreement with Asian Development Bank (ADB) for raising Rs 200 crore through unlisted non-convertible debentures (NCDs). VA Tech Wabag stock hit a fresh high of Rs 328, rising 5.48% against the previous close of Rs 310.95 on BSE today. VA Tech Wabag stock opened with a gain of 2.09% at Rs 317.45 today. The stock has risen 4.67% this year and fallen 4.65% in a year.
VA Tech Wabag stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In a month, the stock has gained 22.41%. Market cap of the firm stood at Rs 2,015.59 crore. At 9: 58 am, the stock was trading 4.23% higher at Rs 324.10.
Total 0.28 lakh shares of the firm changed hands amounting to turnover of Rs 89.61 lakh. ADB will subscribe the NCDs carrying a 5 years and 3 months tenor over 12 months. This will be ADB’s first investment in a water sector company in India.
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Skandaprasad Seetharaman, Chief Financial Officer of WABAG said, “This is an important milestone for WABAG, as we add another feather to our cap with this strategic funding tie up with ADB. ADB’s decision to collaborate with WABAG, in their first private sector water investment in India is a key validation of WABAG’s leadership in the water sector and its focus on clean, green, and sustainable technologies. We have been working for many years on projects funded by multilateral agencies including ADB. This is indeed now a great moment for us to be directly associated with ADB, showing ADB’s confidence in WABAG’s credibility and credentials in the water sector.”
VA Tech Wabag Limited is engaged in the water treatment field. The company’s principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants. It provides solutions for drinking water treatment, industrial and process water treatment, water reclamation, sea and brackish water desalination, municipal waste water treatment, industrial waste water treatment and sludge treatment.
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