Welspun Enterprises rises 4% on stake sale in Welspun Energy

Shares of Welspun Enterprises added 4 percent intraday Thursday as it has sold stake in Welspun Energy.The company has divested its stake for a consideration of approximately Rs 286 crore, post the shareholders’ approval by way of postal ballot on February 1. "The consideration is contingent upon occurrence of certain future events and it is more than 3x returns on company's investment of Rs 91.1 crore in Welspun Energy," company said in press release."This deal is another step in the company’s business re-organisation efforts, in order to create value for its stakeholders by enhancing focus on core businesses. It will further improve the balance sheet and cash reserve, thus setting a stronger platform for future growth," it added.At 10:43 hrs Welspun Enterprises was quoting at Rs 70.15, up Re 1, or 1.45 percent on the BSE.Posted by Rakesh Patil