Welspun Corp share price extended the gains on fifth day as the shares touched 52-week high of Rs 900 on March 24 after the company received Rs 476.39 crore from sale of equity stake in its wholly-owned subsidiary.
At 09:18am, Welspun Corp was quoting at Rs 898.20, up Rs 18.65, or 2.12 percent, on the BSE.
The company completed the sale of 74 percent equity stake in its wholly-owned subsidiary Nauyaan Shipyard (NSPL) and received Rs 476.39 crore (Rs 382.73 crores towards equity and Rs 93.66 crore towards dues.
As the company plans to utilise surplus cash including existing Treasury to reduce debt, and to pre-pay a total of around Rs 1,000 crore of debt before 31st March’ 25, it pre-paid debt of Rs 725 crore.
NSPL has ceased to be a subsidiary of the company and has become an associate of the company effective today.
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The board of directors of the company at its meeting held on March 21, 2025 approved the proposal for voluntary delisting of its equity shares from the Calcutta Stock Exchange Limited (CSE).
The company will continue to remain listed on the stock exchanges with nationwide trading terminals viz BSE Limited and the National Stock Exchange of India Limited.
The market capitalisation stands at Rs 23,564.22 crore.
The share price surged 74 percent in the last 9 months.
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