Welspun Corp stock gains nearly 14%

Shares of Welspun Corp today surged nearly 14 per cent after two of the group companies acquired the entire shareholding of its co-promoter Mulheim Pipecoatings.
Welspun Corp's shares ended 13.82 per cent higher at Rs 98 on the BSE. In intra-day, it soared 16.6 per cent to Rs 100.40 -- its 52-week high.
On the NSE, it settled at Rs 97.10, up 12.19 per cent.
In terms of volume, 100.26 lakh shares of the company changed hands on the BSE, while over 42 lakh shares were traded on the NSE during the day.
"Welspun Infra Developers and Welspun Fintrade Private being part of Welspun promoter group have acquired the entire equity shareholding held by Mulheim PipeCoatings GmbH (a co-promoter) in Welspun Corp, constituting 3.1 per cent equity shareholding in the company, at a per share price of Rs 85.25 per equity share, by way of a block deal on the BSE," the company said in a BSE filing.

The current promoter holding in company is at 38.21 per cent for the quarter ended March 2014.