Stock of Welspun Enterprises rose 3% in the afternoon session after the board of the firm ┬аcleared a buyback of shares worth Rs 235 crore. Under the share buyback scheme, the company will purchase 1,17,50,000 equity shares of Rs. 10/- each at the buyback price of Rs 200 per equity share. ┬а
The stock touched an intraday high of Rs 171, rising 2.85% on BSE.┬а The stock has lost 48% in a year. The share opened marginally higher at Rs ┬а167 against the ┬аprevious close of Rs 166.25. ┬а
The share trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
Total 1.50 lakh shares changed hands amounting to turnover of Rs 2.90 crore on BSE.
Market cap of the firm stood at Rs 2,489.72 crore on BSE. ┬а
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The buyback consists of 14.22% and 15.74% of the total paid-up equity share capital and free reserves (including securities premium) of ┬аthe Company for the financial year ended on March 31, 2022. ┬а
The board has convened Extra Ordinary General Meeting (“EOGM”) scheduled to be held on Tuesday, January 24, 2023 for obtaining approval to buyback from the sharholders.
DAM Capital Advisors Limited, a SEBI Registered Merchant Banker, has been appointed as the manager to the buyback.
Welspun Enterprises’ key activity is in the infrastructure business. Apart from that, the company holds equity investments in Welspun Natural Resources Private Limited (Oil and gas exploration).
