Welspun completes acquisition of Nauyaan Shipyard; stock spurts ~4%

20 Sep 2022 , 10:39 AM

Welspun Corp Limited informed that it has acquired the entire share capital of Nauyaan Shipyard Private Limited, a company with objects, inter alia, of shipbuilding, shippers, ship-owners, repairers, re-fitters, fabricators, etc., from a related party.

This is in furtherance to the company’s announcement dated June 28, 2021, wherein the company stated that it was always evaluating relevant prospects for both organic and inorganic expansions that have synergies with the company, and identified new business sectors that were being investigated. It included Marine Fabrication, among others.

The acquisition is at a fair value consideration of Rs1 lakh.

The company intends to make it a wholly owned subsidiary and a special purpose vehicle for investment in the field of Marine Fabrication. Currently, Nauyaan Shipyard does not have any material assets or liabilities.

At around 10.42 AM, Welspun Corp was trading at Rs277.60 up by 4.07% from its previous closing of Rs266.75 on the BSE. The scrip opened at Rs269.40 and touched intraday high and low of Rs281.40 and Rs268.35 respectively.

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