Welspun Corp Ltd completes sale of PCMD division to JSW Steel Ltd

Welspun Corp Ltd had earlier announced about BTA between Laptev Finance Pvt. Ltd. ("Laptev") and the Company (the "Seller") for sale of Plates and Coil Mill Division ("PCMD Division").

Laptev has assigned all its rights and obligations under the BTA to JSW Steel Limited. Accordingly the PCMD Division is transferred to JSW Steel Limited w.e.f. March 31, 2021.

As regards purchase consideration, the same shall be received by the Company on a deferred basis on or before May 31, 2021 subject to fulfillment of regulatory approvals and payment milestones as provided under the BTA.

The purchase consideration of INR 848,50,00,000/- (Rupees Eight Hundred and Forty Eight Crores and Fifty Lakhs only), is subject to closing adjustments towards net working capital (as on March 31, 2021).

Shares of Welspun Corp Limited was last trading in BSE at Rs.139.15 as compared to the previous close of Rs. 134.1. The total number of shares traded during the day was 132206 in over 2012 trades.

The stock hit an intraday high of Rs. 142.9 and intraday low of 134.7. The net turnover during the day was Rs. 18429828.

Source : Equity Bulls

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