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Stock Report
Welspun Corp Ltd board approves proposal for foray into new businesses
Posted On : 2020-08-31 22:30:00( TIMEZONE : IST )
The Board of Directors of Welspun Corp Ltd at its meeting held on Monday, August 31, 2020, has considered and approved foray into new businesses.
The Company has approved in-principle, the entry of the Company in to Ductile Pipes business at an appropriate time and value through organic and inorganic route.
The Board has proposed for members' approval the alteration of Object Clause of the Memorandum of Association of the Company to include following clauses after Clause III(A)(1):
Clause III(A)(1-A)
To carry on, in India or elsewhere in the world, directly or indirectly through subsidiaries, joint ventures, associations, partnerships or any combination thereof, the business of manufacturing, trading, marketing of all types of national and international standards of ductile iron pipe including specialized coating, heat treatment of products, fitting, valves, gratings and nodular casting.
Clause III(A)(1-B)
To carry on, in India or elsewhere in the world, directly or indirectly through subsidiaries, joint ventures, associations, partnerships or any combination thereof, the business of manufacturing, trading, marketing of iron and its by products, granulated pig iron, pig iron sintering, pellet, coke and its by products, cast iron and foundry products, casting, grinding media ball, rolls, ingots, ingot moulds, cast iron pipes, steel and its by products, slabs, HR coils, CR coils, plates, billet, bloom, rebars, bars, wire rods, wires, structural products, flat products, galvanized products, sheets, galvanized sheets, colour coated sheet, strips, pilings, stainless steel and its products, by products and intermediate products such as power, steam, oxygen & inert gases.
The board also approved borrowing of long-term funds up to Rs. 500 Crores for general corporate purposes by issue of debt securities, subject to receipt of the necessary statutory and regulatory approvals including the approval of the shareholders as may be required.
Shares of Welspun Corp Limited was last trading in BSE at Rs.107.6 as compared to the previous close of Rs. 113.25. The total number of shares traded during the day was 169006 in over 2583 trades.
The stock hit an intraday high of Rs. 115.15 and intraday low of 107.6. The net turnover during the day was Rs. 18606209.
