Welspun India board of directors to consider proposal to buyback of shares

Welspun India on Monday said its Board of directors will consider a proposal to buyback equity shares of the company at a meeting scheduled to be held on April 27, 2023.

In a filing with the stock exchanges, the company said, pursuant to Regulations 29(1)(b) and 29(1)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that in addition to financial results for the quarter and year ended March 31, 2023, the Board of Directors will, inter alia, consider the buyback of equity shares of the company and recommendation of dividend for the year ended March 31, 2023 at its meeting scheduled to be held on Thursday i.e April 27, 2023.

The outcome of the Board meeting will be communicated to the stock exchanges after conclusion of the Board meeting on April 27, 2023.

In March 2023, Welspun Group has acquired water tank maker Sintex for Rs 1,251 crore to expand its building material portfolio.

In a statement, Welspun Group said Sintex has been a household name in India for decades for water tanks and other plastic products. It has a strong distribution network across India. "With its acquisition, Welspun will be an integral part of many more households nationwide, expanding its building material portfolio, which is a huge part of the larger B2C strategy," the steel to textiles group said.

The acquisition was acquired in a Rs 1,251-crore deal, it added.