Welspun Corp Limited increases stake in Welspun Specialty Solutions Ltd

The Board of Directors of Welspun Corp Limited had approved investment of an amount upto Rs. 250 Crores in its subsidiary company viz. Welspun Specialty Solutions Limited (WSSL) towards the subscription under the Rights Issue of equity shares as announced by WSSL.

In line with the said approval, the Company has subscribed 7,31,07,443 equity shares at a price of Rs. 26.40 per share (Rights issue price), amounting to an investment of ~ Rs. 193.00 crores in WSSL through the subscription of Rights Issue.

The Company has received the communication from WSSL regarding allotment of the above shares.

As a result of this subscription, the Company's shareholding in WSSL has increased from existing 50.03% to 51.06% reflecting a 1.03% rise in its stake in WSSL post Rights Issue paid-up equity share capital.

WSSL engaged in the business of manufacturing alloy and stainless steel products and its equity shares are listed on BSE Limited.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 828.25 as compared to the previous close of Rs. 868.10. The total number of shares traded during the day was 30140 in over 1274 trades.

The stock hit an intraday high of Rs. 873.75 and intraday low of 825.05. The net turnover during the day was Rs. 25160056.00.

Shares of Welspun Specialty Solutions Ltd was last trading in BSE at Rs. 29.74 as compared to the previous close of Rs. 31.27. The total number of shares traded during the day was 768887 in over 1402 trades.

The stock hit an intraday high of Rs. 31.99 and intraday low of 29.71. The net turnover during the day was Rs. 23659326.00.

Source : Equity Bulls

Keywords

WelspunCorp INE191B01025 WELCORP WelspunSpecialtySolutions INE731F01037 Investment RightsIssue StakeIncrease