Welspun Projects Ltd sells 7.5% stake in Leighton Welspun Contractors Pvt. Ltd.

In order to consolidate the shareholding in Leighton Welspun Contractors Private Limited (LWIN), the Board of Directors of Welspun Projects Ltd at their meeting held on December 24, 2013, have decided to transfer 11,503,485 equity shares of Rs. 10 each owned by the Company, comprising of 7.5% of issued, subscribed and paid up share capital of LWIN to its associate company on mutually agreed terms, subject to requisite approvals. Further it has been decided to assign the Agreement to Sell and Adjustment Agreement both dated March 05, 2013 entered into with LWIN, along with the obligation to the said associate company. The net cash consideration receivable post the completion of transaction is Rs. 81 cr (Rupees Eighty One crore only).

Shares of Welspun Projects Ltd was last trading BSE at Rs.10.47, up by Rs.0.95 or 9.98%. The stock hit an intraday high of Rs.10.47 and intraday low of Rs.10.

The total traded quantity was 4630 shares as compared to 2 week average of 3784 shares.

Source : Equity Bulls

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