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Board of Welspun Corp decides to seek NCLT approval for scheme of arrangement

Capital Market 

At meeting held on 28 June 2021

The Board of Welspun Corp at its meeting held on 28 June 2021 has decided to propose to National Company Law Tribunal (NCLT) for its approval the Scheme of Arrangement between Welspun Steel (the Demerged Company) and Welspun Corp (WCL/the Company/the Resulting Company) and their respective shareholders (Scheme).

The Scheme, inter alia, provides for demerger of the Demerged Undertaking (comprising of the Steel Operating Business (as defined hereinafter) and investments held in Welspun Specialty Solutions (WSSL) (50.03%), Anjar TMT Steel (ATSPL) (100%) and Welspun Captive Power Generation (WCPGL) (2.95%) into WCL/the Company/Resulting Company from the Appointed Date of 01 April 2021.

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

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First Published: Tue, June 29 2021. 09:27 IST