Welspun Corp climbs on shareholders, creditors' nod for demerger
Published: 23rd October 2013 12:18 PM
Last Updated: 23rd October 2013 12:18 PM
Welspun Corp, the flagship company of the
USD 3.5 billion Welspun Group, climbed on Wednesday after its
shareholders and creditors have unanimously approved the scheme of
arrangement under which the other businesses undertaking is being
demerged into Welspun Enterprises.
Post demerger, Welspun Enterprises
shall comprise of steel, infrastructure, oil & gas exploration
and energy businesses while the company, will now solely focus on
pipe and plates business in India and globally. Shares ofthe
companyare trading at Rs 39.30, up Rs 0.9, or 2.34% at the Bombay
Stock Exchange (BSE) on Wednesday at 11:26 a.m.The scrip has
touched an intra-day high of Rs 39.60 and low of Rs 38.40. The
total volume of shares traded at the BSE is 79,836.In the earlier
session, the shares rose 11.47%, or Rs 3.95, at Rs 38.40.
Currently, the stock is trading down 65.19% from its 52-week high
of Rs 112.90 and above 47.47% over the 52-week low of Rs 26.65.