Welspun India (WIL) today said that it has merged Welspun Global Brands (WGBL) with the company. The company will be issuing its equity shares in the ratio of one share of WIL for each share held in WGBL. The record date has been fixed for December 27.
In a release it said that the equity share capital ratio of WIL will increase by 1.04 crore shares.
It also said that it has hived off the marketing business undertaking of WIL as a going concern into Welspun Retail (WRL). “On the scheme becoming effective, WRL will be issuing 23.56 lakh shares at a premium of Rs 990 to WIL as a consideration of acquisition of marketing business undertaking of WIL and certain investment of WIL in the form of Welspun USA inc., Welspun Holdings and Welspun Mauritius Enterprises”, the release stated.