Welspun Enterprises moves up on getting nod to acquire additional 9.99% stake in Welspun Michigan
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Welspun Enterprises is currently trading at Rs. 491.40, up by 1.20 points or 0.24% from its previous closing of Rs. 490.20 on the BSE.
The scrip opened at Rs. 489.60 and has touched a high and low of Rs. 493.40 and Rs. 477.55 respectively. So far 8976 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 619.00 on 26-Aug-2024 and a 52 week low of Rs. 261.85 on 1-Nov-2023.
Last one week high and low of the scrip stood at Rs. 535.00 and Rs. 470.00 respectively. The current market cap of the company is Rs. 6809.96 crore.
The promoters holding in the company stood at 54.51%, while Institutions and Non-Institutions held 6.47% and 39.02% respectively.
Welspun Enterprises (WEL) has received approval for acquisition of an additional 9.99% equity stake from Patel Engineering, one of the existing shareholders of Welspun Michigan, and for this purpose has authorised the execution of a share purchase agreement on October 30, 2024. Upon completion of acquisition, Welspun Enterprises’ total stake in Welspun Michigan will increase to 60.09% from 50.10%.
The acquisition of 9.99% stake in Welspun Michigan is in line with the company’s growth objectives and enhancing its capabilities in the water infrastructure business segment. The transaction is expected to be completed on or before November 7, 2024. The Board of Directors of the company at its meeting held on October 29, 2024 has considered and approved the same.
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.
