Welspun Enterprises jumps 4.4%, sells its stake in Welspun Energy

India Infoline News Service | Mumbai | December 26, 2016 17:04 IST

Post sale of its renewable business, WEL’s 15.49% minority stake in Welspun Energy does not contribute to the consolidated results of the company. In order to unlock value for the Company, the Board of WEL authorised the monetisation of this stake, subject to shareholders’ approval.

Welspun Enterprises Ltd is currently trading at Rs 62.1, up by Rs 2.6 or 4.37% from its previous closing of Rs 59.5 on the BSE.

Welspun Enterprises Ltd, formerly Welspun Projects Ltd, part of the US $ 2.3 billion Welspun Group, announced its plans to divest its stake in Welspun Energy.

Post sale of its renewable business, WEL’s 15.49% minority stake in Welspun Energy does not contribute to the consolidated results of the company. In order to unlock value for the Company, the Board of WEL authorised the monetisation of this stake, subject to shareholders’ approval.

The scrip opened at Rs 63.4 and has touched a high and low of Rs 63.4 and Rs 60.3 respectively. So far 1334703 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1036.97 crore.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 75.3 on 03-Nov-2016 and a 52 week low of Rs 43 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 67.9 and Rs 58.55 respectively.

The promoters holding in the company stood at 37.35 % while Institutions and Non-Institutions held 14.41 % and 40.31 % respectively.

The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart

 

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