Welspun Corp Ltd updates on IPO of JV company in Saudi Arabia

Welspun Corp Ltd had earlier announced that the Capital Market Authority ("CMA") which is the regulatory authority responsible for capital markets in the Kingdom of Saudi Arabia, has approved the Initial Public Offering of our Saudi Joint Venture, East Pipes Integrated Company for Industry ("EPIC") for the offering of (6,300,000) shares representing (30%) of its share capital. The divestment of shares will be done by the JV partners in proportion to their shareholding in EPIC. Welspun Corp Ltd. currently holds 50.01% in the JV through its overseas subsidiary. Post the proposed listing, its shareholding will not fall below 35% in the JV and it would continue to be the largest shareholder.

The CMA's approval on the application shall be valid for 6 months from the CMA Board resolution date. The approval shall be deemed cancelled if the offering and listing of the Company's shares are not completed within this period.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 144.4 as compared to the previous close of Rs. 128.2. The total number of shares traded during the day was 2506899 in over 19413 trades.

The stock hit an intraday high of Rs. 149.25 and intraday low of 128.9. The net turnover during the day was Rs. 344675455.

Source : Equity Bulls

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