The board of VA Tech Wabag Ltd. has approved a proposal for raising ₹400 crore to meet the expenditure for its growth. It would be raised through a mixture of instruments either by way of public, preferential issue or through private placement basis.
For the fourth quarter ended March 2019, the company had reported a dip in its standalone net profit to ₹18.79 crore from ₹38.11 crore, due to rise in finance cost and other expenses. Net sales decreased to ₹437.62 crore from ₹536.87 crore. “Our order intake momentum has picked up in the second half of this financial year,” said Rajiv Mittal, MD, VA Tech Wabag.