ICICI Bank likely to sell off its shares in VA Tech Wabag
ICICI Bank through its firm ICICI Venture currently has a minimal share on the Chennai-headquartered VA Tech Wabag which reported top line revenues of Rs509.9 crore as of March this year.
Country's largest private sector lender ICICI Bank, which holds a minimal share in water treatment player VA Tech Wabag Ltd, is likely to sell off its shares over the next few months, a top company official today said.ICICI Bank through its firm ICICI Venture currently has a minimal share on the Chennai-headquartered VA Tech Wabag which reported top line revenues of Rs509.9 crore as of March this year."Today ICICI Bank has less than 5% in the company's share," VA Tech Wabag managing director Rajiv Mittal told reporters here.In 2005, along with ICICI Venture, a subsidiary of ICICI Bank and Wabag India on a "reverse acquisition", bought their parent company VA Tech headquartered in Austria.Asked on whether ICICI would sell the shares to VA Tech Wabag itself, Mittal said, "They (ICICI) can sell it to anybody. There is no compulsion to sell it to us".