The tenure of the debt instrument would be 5 years and three months.
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VA Tech Wabag Ltd. on Friday said that its board has approved a proposal to raise Rs 200 crore through non-convertible debentures (NCDs) in one or more tranches/series to Asian Development Bank (ADB).
The NCD proposal will further help the company towards debt optimisation. The tenure of the debt instrument would be 5 years and three months.
Earlier, the company informed the bourses on November 23 that its board of directors will meet on November 25 to consider and approve the proposal for fundraising by issuing non-convertible debentures (NCDs) through private placement.
In the September quarter, the company’s standalone net profit rose by 75 percent to Rs 34 crore while its revenue grew by 14 percent to Rs 573 crore.
VA Tech Wabag offers turnkey solutions for water and wastewater treatment to municipal and industrial segments in India and abroad. The company is present in North Africa, the Middle East, China, and South East/Central/Eastern Europe regions.
Shares of VA Tech Wabag are currently trading at Rs 309.50, down 0.77 percent.
(Edited by : Rukmani Krishna)