Welspun Corp completes acquisition of 4.11% stake in Welspun Specialty Solutions for ₹108.96 crore

Homegrown Welspun Corp Ltd on Monday (December 22) announced the completion of its acquisition of 2.72 crore equity shares, or 4.11%, in its subsidiary Welspun Specialty Solutions Ltd (WSSL) from the existing promoter group, comprising MGN Agro Properties Private Ltd and Welspun Group Master Trust, at market price.The acquisition was executed through a block deal for an aggregate consideration of approximately ₹108.96 crore. Following the transaction, Welspun Corp’s equity stake in WSSL has increased from 51.06% to 55.17%.

Also Read: Welspun Corp bags ₹1,600 crore orders since June 4; order book at ₹18,000 crore
The company stated that the aggregate holding of the promoter and promoter group in WSSL remains unchanged before and after the transaction.
Second Quarter ResultsWelspun Corp Ltd reported a sharp 53.2% year-on-year increase in consolidated net profit at ₹439 crore for the second quarter, compared to ₹287 crore in the same period last year.

Revenue grew 32.5% year-on-year to ₹4,373 crore from ₹3,301.8 crore, while EBITDA rose 47.7% to ₹590.8 crore against ₹400 crore a year ago. The EBITDA margin stood at 13.5% for the quarter, up from 12.1% in the corresponding period last year.

Shares of Welspun Corp Ltd ended at ₹804.50, up by ₹3.47, or 27%, on the BSE.

Also Read: Welspun Corp associate bags ₹1,165 crore Saudi order but stock erases early gains