VA Tech Wabag Ltd to sell stake in Czech subsidiary

VA Tech Wabag Brno spol. S.r.o., Czech Republic ("Wabag Czech") was incorporated under the laws of Czech Republic on May 27, 1994 having its registered office at Zelenza, 492/16, Horni Herspice, 619 00, Brno, Czech Republic, which is held by VA Tech Wabag GmbH, Austria ("Wabag Austria") and Wabag Czech was acquired by VA Tech Wabag Limited ("the Company") in the year 2007 as part of acquisition of VA Tech Wabag Global Business from Siemens Aktiengesellschaft Osterreich through VA Tech Wabag (Singapore) Pte. Limited, Singapore ("Wabag Singapore").

As part of the business strategy to optimize the Group's structure and in line with our strategic focus to reduce our exposure to European Geographies, the Board of Directors ("the Board") of VA Tech Wabag Limited ("the Company") at their meeting held on February 10, 2023, had granted approval for the sale of 100% stake in Wabag Czech.

The said share transfer process and related formalities between Wabag Austria and VCL Group, a.s., OSTRAVA, Czech Republic (the Buyer) has been completed on March 10, 2023 and post the sale, Wabag Czech ceased to be a Subsidiary of the Company w.e.f March 10, 2023.

Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 343.25 as compared to the previous close of Rs. 353.05. The total number of shares traded during the day was 18933 in over 818 trades.

The stock hit an intraday high of Rs. 353.45 and intraday low of 342.25. The net turnover during the day was Rs. 6568209.00.

Source : Equity Bulls

Keywords

VATechWabag INE956G01038 Approval WabagCzech StakeSale