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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

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