Welspun Corp Limited to list Welspun Middle East Pipes in local stock exchange

Middle East

The Board of Directors of Welspun Corp Limited at its meeting held on August 6, 2020 has given its approval for listing of its joint venture Company viz. WMEPL at the local Stock Exchange, subject to the approval of shareholders of the Company.

The process of Listing would involve divestment of 15% (at maximum) of the total issued shares of WMEPL, held by Welspun Corp Ltd through its overseas subsidiary, at a pro-rata consideration exceeding US$30 million, along with proportionate shares to be divested by the local partners.

Post the proposed listing, the shareholding of the Company in WMEPL would not fall below 35% from its existing shareholding of 50.01%.

Shares of Welspun Corp Limited was last trading in BSE at Rs.100.2 as compared to the previous close of Rs. 100.5. The total number of shares traded during the day was 230279 in over 2312 trades.

The stock hit an intraday high of Rs. 101.35 and intraday low of 97.5. The net turnover during the day was Rs. 22882544.

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