Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Welspun Corp Ltd board approves buyback at Rs. 140

Posted On: 2019-05-15 10:35:52

The Board of Directors of Welspun Corp Ltd have approved buyback proposal for purchase by the Company of its own fully paid equity shares of Rs. 5 each (Equity Share) at a price to be finalized by the Buyback Committee subject to a maximum price of Rs. 140 (Rupees One Hundred Forty Only) per Equity Share payable in cash ('Buyback Price'), for a maximum aggregate amount up to Rs. 3,900 million (Rupees Three Thousand Nine Hundred Millions Only) (excluding transaction costs viz. brokerage, applicable taxes such as securities transaction tax, goods and service tax, stamp duty, etc), being less than 25% of the total paid-up equity share capital and free reserves of the Company as on March 31, 2019 (hereinafter referred to as the Buyback) from the shareholders of the Company on a proportionate basis through the tender offer route in accordance and consonance with the provisions contained in the Companies Act, 2013 and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018 (Buyback Regulation) (including any statutory modification(s) or re-enactment of the Companies Act, 2013 or Buyback Regulation). The public announcement setting out the process, timelines and other statutory details will be released in due course in accordance with the Buyback Regulation. The Board has formed a Buyback Committee (the "Buyback Committee") and has delegated its powers to the Buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback. The specific price will be determined by the Board/Committee under the authority of shareholders in accordance with Buyback Regulation subject to a maximum price of Rs. 140 per Equity Share. The total number of Equity Shares to be bought back would hence be 27,857,142 (Two Crore Seventy Eight Lakh Fifty Seven Thousand One Hundred Forty Two only) Equity Shares (representing 10.50% of the total paid up equity share capital of the Company) or higher depending upon the final Buyback Price fixed as described above by the Buyback Committee.

The board also noted that the Promoters and Promoter Group of the Company have expressed their intention to only tender up to a maximum of 13,260,000 Equity Shares (aggregating to 5% of the equity share capital of the Company) out of the 129,899,015 Equity Shares held by them (aggregating to 48.98% of the equity share capital of the Company).

The board also approved seeking shareholders' approval for Buyback through postal ballot pursuant to Section 68 of the Companies Act, 2013, read with rules framed thereunder.

Shares of Welspun Corp Limited was last trading in BSE at Rs.135.9 as compared to the previous close of Rs. 140.3. The total number of shares traded during the day was 111830 in over 1344 trades.

The stock hit an intraday high of Rs. 139.95 and intraday low of 133.65. The net turnover during the day was Rs. 15295122.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Phillips Carbon Black unveils World's latest R&D Centre named after Sushila Goenka

Apollo Pipes Ltd to acquire assets of Kisan Mouldings Ltd's plant in Tumkur

Acuité Ratings & Research Limited reaffirms rating of Permanent Magnets Ltd

Integra Engineering India Ltd posts net profit of Rs. 1.69 crore in Q1 FY20

D B Corp Ltd Q1 PAT at Rs. 93.72 crore

BHEL wins Rs.750 Crore order for Emission Control System

Donimalai Iron Ore Mine of NMDC to Resume Operations

Colgate-Palmolive India Ltd Q1 net profit drops to Rs. 169.11 crores

RIL arm completes acquisition of 100% stake in Hamleys Global Holdings Limited

Hester Biosciences Ltd board to consider Q1 results on July 31, 2019

Zydus announces completion of enrollment in three Phase III trials of Saroglitazar Magnesium in NASH

Caplin Steriles gets USFDA approval for Tranexamic Acid Injection

Mindtree Named a Preferred Partner for Microsoft Azure Kubernetes Service

The Ramco Cements Ltd bags two awards

Kalyani Forge Ltd board to consider Q1 results on July 26, 2019

Gujarat Hotels Ltd announces resignation of Ms Devkanya Roy Choudhury

Oriental Foundry Private Ltd awarded approval for Prototype BOXHNL Wagons

L&T Hydrocarbon Engineering awarded Marjan Oil Increment EPCI project in Saudi Arabia

Wipro Ltd awaits nod from SEBI for buyback offer letter

SKM Egg Products Export India Ltd board to consider final dividend, Q1 results on July 31, 2019

CARE Ratings Limited dumps CEO pending resolution of complaint against him

USFDA classifies Torrent Pharmaceuticals Ltd's Dahej facility as OAI

Firstsource Solutions Ltd appoints Mr. Vipul Khanna as MD & CEO

Mindtree Ltd Q1 net profit falls to Rs. 92.7 crores

CARE Ratings reaffirms ratings of S Chand and Company Ltd

Allahabad Bank reports borrowal fraud of exposure in SEL Manufacturing Ltd

Ind-Ra downgrades rating of Eveready Industries India Ltd

Thomas Cook India honoured with 'India Travel Partner of the Year 2018' Award by SAP Concur

Confidence Petroleum India Ltd board to announce first quarter results on July 26, 2019

Excel Industries Ltd board to approve quarterly results on Aug 13, 2019

MPS Ltd board to consider Q1 results on July 24, 2019

Newgen Secures Patent for Automated Quality and Usability Assessment of Scanned Documents

DFM Foods Ltd posts PAT of Rs. 7.63 crore in Q1 FY20

Sudarshan Chemical Industries Ltd board to approve first quarter results on Aug 7, 2019

Alkyl Amines Chemicals Ltd calls for board meeting on Aug 6, 2019

Torrent Power Ltd board to consider 1st quarter results on Aug 5, 2019

Shoppers Stop Ltd board to approve Q1 results on July 30, 2019

YES Bank Ltd reports net profit of Rs. 95.56 crores in Q1 FY20

OIL sign contract for the blocks awarded under OALP Bids Round II & III

MAGGI Fusian Noodles Records Overwhelming Sales On Amazon Prime Days

WIPRO Ltd Q1 FY20 consolidated PAT up YoY at Rs. 2387.6 crores

Mahanagar Gas Ltd board to consider Q1 results on Aug 8, 2019

Insecticides India Ltd board to announce first quarter results on Aug 2, 2019

Khadim India Ltd board to approve 1st quarter results on Aug 6, 2019

NMDC Ltd announces production and sales for June 2019

Ind-Ra updates on ratings of Rajkumar Forge Ltd

Menon Bearings Ltd Board declares Interim Dividend of Rs. 1.25

Jindal Stainless Limited clamps down on counterfeit market with a co-branding initiative

Aditya Birla Money Ltd Q1 PAT up at Rs. 3.49 crore

Rajratan Global Wire Ltd Board to consider Bonus Issue

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019