Welspun Enterprises surges on acquiring 50.10% stake in Michigan Engineers
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Welspun Enterprises is currently trading at Rs. 316.05, up by 6.35 points or 2.05% from its previous closing of Rs. 309.70 on the BSE.
The scrip opened at Rs. 314.70 and has touched a high and low of Rs. 318.80 and Rs. 312.05 respectively. So far 48115 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 318.80 on 22-Aug-2023 and a 52 week low of Rs. 108.25 on 29-Aug-2022.
Last one week high and low of the scrip stood at Rs. 318.80 and Rs. 273.15 respectively. The current market cap of the company is Rs. 4349.65 crore.
The promoters holding in the company stood at 54.53%, while Institutions and Non-Institutions held 6.27% and 39.20% respectively.
Welspun Enterprises (WEL) has completed the acquisition of 50.10% stake in Michigan Engineers (MEPL), a trenchless technology-based EPC company in the urban water infrastructure segment, from the existing shareholders for an equity investment of Rs 137.07 crore. With the completion of the transaction, MEPL is now a subsidiary of WEL.
The acquisition aligns with WEL’s strategy to expand the water infrastructure business and marks the company’s entry into a high margin and high growth water and tunnelling solutions segment, further strengthening its overall business portfolio.
Leveraging the sophisticated infrastructure development techniques deployed by MEPL, the strategic investment will enable WEL to enter the urban infrastructure space and provide water and tunneling solutions, which complements its existing water and road businesses. MEPL’s experience and capabilities will now allow WEL to undertake projects in the niche and promising areas of micro tunnelling, segment tunnelling, sewer network rehabilitation and other trenchless technologies across India, leading to diversification of its project portfolio and service offerings.
Welspun Enterprises (WEL) (Formerly known as Welspun Projects), part of the Welspun Group, is an operating Company as well as a holding company. The Company’s key activity is in the infrastructure business.
