24 Mar , 2025 By : Debdeep Gupta
Welspun Corp's share price extended the gains on the fifth day as the shares touched a 52-week high of Rs 900 on March 24 after the company received Rs 476.39 crore from the sale of the equity stake in its wholly-owned subsidiary.
At 09:18 am, 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 a 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 utilize 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.
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 capitalization stands at Rs 23,564.22 crore.
The share price surged 74 percent in the last 9 months.
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