Welspun Corp arm sells 5% stake in associate entity for about Rs 480 cr

15 Nov 2024 CW Team

Welspun Mauritius Holdings (WMHL), a subsidiary of Welspun Corp, has divested a 5% equity stake in East Pipes Integrated Company for Industry (EPIC) for 218.9 million Saudi Riyals (approximately Rs 480 crore). EPIC, based in Saudi Arabia, is a listed associate of Welspun Corp.

The stake sale, which was executed in a series of negotiated trades on the Tadawul Stock Exchange, reduces WMHL’s stake in EPIC from 31.5% to 26.5%, though it remains the largest shareholder. The proceeds from the sale will be reinvested into Welspun's new subsidiary, Welspun Pipes Company, KSA, which is set to finance part of the $200 million capital expenditure for new ductile iron and longitudinal submerged arc welding (LSAW) pipes projects in Saudi Arabia.

Welspun Corp aims to utilize these funds to strengthen its presence in the Middle East and further expand its portfolio in the region's growing infrastructure sector.

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