with a market valuation of 2,258.74 Crore, Welspun Enterprises Limited is a Small-Cap company engaged in Industrial industry. The firm’s primary business is infrastructure, and within that industry, the company is managing PPP projects in a number of different sectors, including highways, water, and urban infrastructure.
The Board of Directors of Welspun Enterprises approved the buyback of equity shares up to 1.17 crore shares on December 30, 2022. 200 per share through tender offer route for a total amount of Rs. 235 crores. For this purpose, the company has announced a record date today.
The company today informed in a stock exchange filing that “The Board of Directors of the Company has approved the proposal to buy back fully paid-up equity shares of the Company up to 1,17,50,000 (One Crore Seventeen Lakh Fifty Thousand) in the face of of Rs.10/- (Rupees Ten only) each of Rs.200/- (Rupees Two Hundred only) equity shares of Rs.200/- (Rupees Two Hundred only) subject to the approval of the members of the Company, the Company has has approved the buy-back by passing a special resolution through an extraordinary general meeting on 2023. In accordance with Regulation 42(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and Regulation 9(i) of the SEBI ( Buy-back of Securities) Regulations, 2018, as amended, is hereby informed that the Company has appointed Monday, the 13th February, 2023 as the record date for the purpose of determining the names of the eligible and equity shareholders. who will be eligible to participate in the buy-back a) the shareholders to whom the offer letter and tender form will be sent in respect of the buy-back.”
In a corporate action such as a buy-back, a company buys back its shares from existing shareholders, usually at a price higher than the prevailing market price. The share buyback price has been fixed in the case of Welspun Enterprises 200 per share, which is much higher than the current share market price of the company 150.55, representing an upside premium of 32.84%.
Welspun Enterprises Limited shares closed today on NSE 150.55 each level, up 0.57% from its previous close 149.70. The stock registered a total volume of 298,689 shares as compared to 20-day average volume of 787,915 shares. In last 1 year, the stock has gained 60.16% and on YTD basis, the scrip has fallen 11.28% so far in 2023. The stock has touched a 52-week high. at 174.80 (03-Jan-2023) and 52-week low 69.00 on (12-May-2022).
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