Welspun Enterprises Ltd approves buyback through tender offer

The Board of Directors of Welspun Enterprises Limited at its meeting held on December 30, 2022 decided, subject to shareholders' approval, to undertake buyback of 1,17,50,000 equity shares of Rs. 10/- each ("Equity Share") at the buyback price of Rs. 200/- (Rupees Two Hundred Only) per Equity Share ("Buyback Price"), for an aggregate amount of Rs. 235 Crore (Rupees Two Hundred and Thirty Five Crore Only) ("Buyback Size") (excluding all expenses and taxes incurred / paid or to be incurred), representing 14.22% and 15.74% of the total paid-up equity share capital and free reserves (including securities premium) based on standalone and consolidated audited financial statements of the Company for the financial year ended on March 31, 2022 respectively through the tender offer route.

The Promoters and Promoter Group of the Company have expressed their intention to tender up to a maximum of 53,50,000 Equity Shares out of the 8,06,25,603 Equity Shares held by them (amounting to 53.76% of the equity share capital of the Company).

The Board has convened Extra Ordinary General Meeting ("EOGM") scheduled to be held on Tuesday, January 24, 2023 at 11.30 a.m. via Video Conference or Other AudioVisual Means for obtaining approval to buyback.

DAM Capital Advisors Limited, a SEBI Registered Merchant Banker, has been appointed as the Manager to the Buyback.

Shares of Welspun Enterprises Limited was last trading in BSE at Rs. 166.35 as compared to the previous close of Rs. 166.25. The total number of shares traded during the day was 199938 in over 2892 trades.

The stock hit an intraday high of Rs. 171.00 and intraday low of 163.50. The net turnover during the day was Rs. 33427432.00.

Source : Equity Bulls

Keywords

WelspunEnterprises INE625G01013 Buyback TenderOffer