India’s VA Tech Wabag plans Rs. 3 billion of redeemable debentures

By Susanna Moon

Chicago, July 9 – VA Tech Wabag Ltd. notified the Bombay Stock Exchange that it plans to issue Rs. 3 billion of redeemable debentures.

The issue may be secured or unsecured and will be sold by way of private placement through one or more tranches, according to the notice.

The issue requires approval at a shareholder meeting set for Aug. 10.

Proceeds will be used to support future growth opportunities and for working capital needs “arising out of changed methodology adopted recently by the banks,” the release said.

On the other hand, the board decided against plans to issue up to Rs. 4 billion of securities by way of public, preferential allotment or private placement, which was approved by shareholders.

VA Tech designs and builds water and sewage treatment plants and is based in Chennai, India.

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