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Board of Welspun Corp approves proposal for buyback of shares

Capital Market 

At meeting held on 14-15 May 2019

The Board of at its meeting held on 14 -15 May 2019 has approved proposal for buyback of the company's fully paid equity shares at buyback price of up to Rs 140 for an aggregate amount up to Rs 390 crore. The total number of equity shares to be bought back would be 2,78,57,142 equity shares representing 10.50% of the total paid up equity share capital of the company.

The Board also took note that the Promoters and of the Company have expressed their intention to only tender up to a maximum of 13,260,000 Equity Shares (aggregating to 5% of the equity share capital of the Company) out of the 129,899,015 Equity Shares held by them (aggregating to 48.98% of the equity share capital of the Company).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 09:17 IST