Welspun Corp arm sells 5% stake in associate entity for about Rs 480 cr

Quick Summary:

"Our wholly-owned subsidiary WMHL has divested a 5 per cent equity stake in EPIC in favour of identified financial investors in a series of negotiated trades on the Tadawul Stock Exchange, KSA on November 11, 2024, for an overall consideration of (Saudi Riyal) SAR 218.9 million (approximately USD 58 million)," Welspun Corp said in an exchange filing.

Welspun Mauritius Holdings Limited (WMHL) has divested a 5 per cent equity stake in East Pipes Integrated Company for Industry (EPIC) for an overall consideration of 218.9 million Saudi Riyal (about Rs 480 crore).

EPIC is a step-down listed associate of Welspun Corp in the Kingdom of Saudi Arabia (KSA).

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Category: BusinessFinance

Markets: IndiaMauritiusSaudi Arabia

Topics: Welspun Corp Welspun Mauritius Holdings Limited Stake sale Welspun Corp arm

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 21:16:32 (1 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 243 words

Reading Time: 2 minutes read

Sentences: 6 lines

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Copyright Owner: © Business Standard

News ID: 23518705

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