Board of Welspun Corp approves listing of Welspun Middle East Pipes at local stock exchange

The Board of Welspun Corp at its meeting held on 06 August 2020 has given its approval for listing of its joint venture Company viz. Welspun Middle East Pipes (WMEPL) at the local Stock Exchange, subject to the approval of shareholders of the Company.

The process of Listing would involve divestment of 15% (at maximum) of the total issued shares of WMEPL, held by Welspun Corp Ltd through its overseas subsidiary, at a pro-rata consideration exceeding US$30 million, along with proportionate shares to be divested by the local partners.

Post the proposed listing, the shareholding of the Company in WMEPL would not fall below 35% from its existing shareholding of 50.01%.

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