Welspun Corp allots 3515 crore CRPS under scheme of arrangement

17 Apr 2022 , 01:35 AM

Welspun Corp announced that pursuant to the Scheme of Arrangement between Welspun Steel demerged company and Welspun Corp resulting company as sanctioned by the NCLT Ahmedabad Bench vide its order pronounced on 16 March 2022 the Company has allotted on 08 April 2022 351511571 cumulative redeemable preference shares of the face value of Rs 10 each fully paid up CRPS to the eligible shareholders of the demerged company in the share exchange ratio of 81 6Percentage CRPS of the resulting company of Rs 10 each fully paid up for every 100 equity shares of the demerged company of the face value of Rs 10 each fully paid up as provided in the Scheme These CRPS shall carry a coupon of 6Percentage pa and are redeemable at face value at the option of the holder upon the expiry of 18 months from the date of issue These CRPS shall not to be listed on any stock exchange in India With the allotment of the above CRPS the equity paid up share capital of the resulting company shall remain unchanged at 260949395 equity shares of Rs 5 each fully paid up aggregating to Rs1304746975 However the preference share capital of the company is increased from Nil to 351511571 CRPS of Rs 10 each fully paid-up aggregating to Rs 3515115710