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Welspun Corp
BSE: 532144NSE: WELCORPISIN: INE191B01025

6th-Aug-2020 16:16Source: BSE

Welspun Corp - Proposed Listing Of Welspun Middle East Pipes Established In The Kingdom Of Saudi Arabia ('WMEPL') At The Local Stock Exchange

Please take note that the Board of Directors of the Company at its meeting held on August 6, 2020 has given its approval for listing of its joint venture Company viz. WMEPL at the local Stock Exchange, subject to the approval of shareholders of the Company.
The process of Listing would involve divestment of 15% (at maximum) of the total issued shares of WMEPL, held by Welspun Corp Ltd through its overseas subsidiary, at a pro-rata consideration exceeding US$30 million, along with proportionate shares to be divested by the local partners.
Post the proposed listing, the shareholding of the Company in WMEPL would not fall below 35% from its existing shareholding of 50.01%.

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