Welspun Corp Limited updates on purchase of assets of ABG Shipyard

On September, 21, 2022, Welspun Corp Limited and Nauyaan Shipyard Private Limited (wholly owned subsidiary) ("Nauyaan") had purchased certain specified assets of ABG Shipyard Limited in liquidation process under the provisions of the Insolvency & Bankruptcy Code, 2016.

On the date of purchase, Directorate of Enforcement, Ahmedabad had attached properties of ABG Shipyard Limited including the specified assets purchased by the Company and Nauyaan ("Provisional Order").

The Hon'ble Gujarat High Court has granted interim relief vide order dated 9th December, 2022 in Special Civil Application 19387 of 2022 filed by the Company and stayed the Provisional Order to the extent it applies on our specified assets.

Pursuant to this, the Company will resume the process of complete takeover of the specified assets from the Liquidator of ABG Shipyard Limited in consultation with its legal advisors.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 247.25 as compared to the previous close of Rs. 245.30. The total number of shares traded during the day was 16658 in over 562 trades.

The stock hit an intraday high of Rs. 249.00 and intraday low of 243.45. The net turnover during the day was Rs. 4116717.00.

Source : Equity Bulls

Keywords

WelspunCorp INE191B01025 ABGShipyard AssetsPurchase