Dalal Street investment giant Rakesh Jhunjhunwala has emerged as a leading investor in VA Tech Wabag’s Rs 120 crore fundraise plan. The company informed about the development to the BSE India after the approval from its board of directors. The company informed BSE that Jhunjhunwala’s better half Rekha Jhunjhunwla has proposed to buy 50 lakh VA Tech Wabag shares out of its 75 lakh proposed issue sales.
The VA Tech Wabag communication with the BSE available on the BSE India website says, “Issue of upto 75,00,000 Equity Shares (‘Equity Shares’), on a Preferential Basis, at a price of Rs 160 per Equity Share (including a Premium of Rs 158 per Equity Share), which is higher than the price (hereinafter referred to as the ‘SEBI Price’) determined in accordance with Regulation 164 under Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended from time to time (‘SEBI ICDR Regulations’) for Cash aggregating to Rs 120 Crore (Rupees One Hundred and Twenty Crore only).”
See Zee Business Live TV streaming below:
The VA Tech Wabag exchange filing with the BSE went on to inform the list of proposed buyers of its 75 lakh equities as follows:
1] Rekha Rakesh Jhunjhunwala 50,00,000 shares;
2] Basera Home Finance Private Limited 15,00,000 shares; and
3] Sushma Anand Jain, Mr. Anand Jaikumar Jain (joint holding) 10,00,000 shares.
Since, single issue of the VA Tech Wabag is priced at Rs 160, net worth of Rekha Jhunjhunwala investment is Rs 80 crore (160 X 50,00,000).