Welspun Corp inches up on planning to make investment in BhargaviRenewable
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Welspun Corp is currently trading at Rs. 618.00, up by 2.10 points or 0.34% from its previous closing of Rs. 615.90 on the BSE.
The scrip opened at Rs. 617.45 and has touched a high and low of Rs. 622.60 and Rs. 608.90 respectively. So far 7200 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 636.95 on 21-May-2024 and a 52 week low of Rs. 283.70 on 07-Jul-2023.
Last one week high and low of the scrip stood at Rs. 620.60 and Rs. 544.05 respectively. The current market cap of the company is Rs. 16125.52 crore.
The promoters holding in the company stood at 50.14%, while Institutions and Non-Institutions held 22.69% and 27.17% respectively.
Welspun Corp is all set to make an investment not exceeding Rs 3.50 crore holding upto around 22.67% equity share capital in Bhargavi Renewable (BRPL), a subsidiary of Welspun Renewable Energy (WREPL).
The company and/or its subsidiaries propose to enter in Power Purchase Agreement (with Take or Pay arrangement) for supply of renewable power for a period of 25 years and will pay interest free security deposit upto around Rs 1.85 crore. The company and/or its subsidiaries will get power at the most competitive rates on arm’s length basis with a reduction in cost of power.
Welspun Corp is the flagship company of Welspun Group, which is among the Largest Welded Line Pipe manufacturing companies in the world.
