Welspun Corp arm acquires further NCDs in Sintex BAPL Ltd

Welspun Corp Limited had earlier announced the acquisition of Sintex BAPL Ltd.'s ("SBAPL") Senior Secured Unlisted Non-Convertible Debentures with outstanding of Rs. 1,168.77 Crore for a purchase price of Rs. 400.49 Crore by our wholly-owned subsidiary viz. Mahatva Plastic Products And Building Materials Private Limited ("MPPBMPL").

Further to the above, the company has announced the acquisition of additional non-convertible debentures (the "NCDs") with outstanding of Rs.7.84 Crore for a purchase price of Rs.2.67 Crore by its wholly-owned subsidiary viz. MPPBMPL from existing lenders of SBAPL. These NCD's have First & Pari-Passu charge on the movable fixed assets of SBAPL. The above acquisition of NCDs is not a related party transaction.

The Company may consider acquiring additional tranches of NCDs from time to time, and it would, in future, announce if such acquisition of NCDs exceeds 2% (equivalent to ~Rs. 63 Crore) in aggregate of the total outstanding debt of SBAPL.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 199.25 as compared to the previous close of Rs. 198.80. The total number of shares traded during the day was 13564 in over 559 trades.

The stock hit an intraday high of Rs. 207.85 and intraday low of 198.00. The net turnover during the day was Rs. 2743313.00.

Source : Equity Bulls

Keywords

WelspunCorp INE191B01025 WELCORP SintexBAPL NCDs Acquisition