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Welspun Corp acquires entire stake in newly incorporated Mahatva

The company wants to make Mahatva – with objects of Polymer products business – to make it a Special Purpose Vehicle for organic/inorganic growth.

November 29, 2021 12:10 IST | India Infoline News Service
Welspun Corp
Welspun Corp Limited has acquired the entire share capital of Mahatva Plastic Products and Building Materials Private Limited, a newly incorporated company with objects of Polymer products business, from an unrelated party for Rs10,000 with an intention to make it a Special Purpose Vehicle for organic/inorganic growth.

The above acquisition was possible after Amendment to the Object Clause in the Memorandum of Association and Acquisition of Mahatva Plastic Products and Building Materials Private Limited.

“The amendment to the Object Clause in the Memorandum of Association as proposed vide Notice dated October 28, 2021 convening Extra Ordinary General Meeting on November 23, 2021, has been registered with the Ministry of Corporate Affairs and accordingly, the new Object Clause has come into effect from November 25, 2021, company said in a filing on Friday.

“The Company has acquired entire share capital of Mahatva Plastic Products and Building Materials Private Limited (“Mahatva”), a newly incorporated company with objects, inter alia, of Polymer products business, from an unrelated party at a consideration of Rs10,000/- with an intention to make it a Special Purpose Vehicle for organic / inorganic growth. Mahatva presently does not have any material assets or liabilities,” it added.

At around 12.12 pm, Welspun Corp Ltd was trading at Rs168.95 per piece down by Rs0.95 or 0.56% from its previous closing of Rs169.90 per piece on the BSE.

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