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Delta Corp arm WSPL to buy 50% stake in WSPL Containers; Stock climbs 2%

Waterways Shipyard will subscribe to 50 lakh equity shares of Rs10 each of WCPL at a cash consideration of Rs5cr.

December 03, 2021 9:55 IST | India Infoline News Service
Delta Corp
Waterways Shipyard Private Limited (WSPL), an associate company of Delta Corp Limited, has agreed to subscribe to 50% of the paid-up equity share capital of WSPL Containers Private Limited (WCPL).

WSPL Containers Private Limited (WCPL), is a new company incorporated on November 30, 2021, with the intention to carry on the container manufacturing business. WSPL will subscribe to 50,00,000 equity shares of Rs10 each constituting 50% of the equity share capital of WCPL at a cash consideration of Rs5cr.

At around 9.57 am, Delta Corp Ltd was trading at Rs258.40 per piece up by Rs4.85 or 1.91% from its previous closing of Rs253.55 per piece on the BSE.

“WCPL, is a new company incorporated on November 30, 2021  with the intention to carry on container manufacturing business.

The proposed subscription is not by the Company (but by an associate company of the Company) and is not a related party transaction for the Company. 25% of the paid up equity share capital of WCPL is proposed to be subscribed by Mr. Jaydev Mody, part of the promoter group of the Company,” it said in a filing on Thursday.

Given that WSPL is an established shipyard operator on India's western coast, this investment is expected to supplement WSPL's existing operations. Expected time period for completion of acquisition is by December 31, 2021.

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