Welspun Corp has soared 15% to Rs 64.20 on back of heavy volumes after Nippon Investment and Finance Company, a Japanese private equity (PE) player, acquired close to 1% stake in the company through open market transaction.
Nippon Investment and Finance Company has acquired 1.39 million shares representing 0.53% stake in the company for total consideration of Rs 7.81 crore, according to bulk deals data on BSE.
Nippon Investment, which held 1.55% stake in the company at the end of December 2012, has purchased these shares at an average market price of Rs 56.19 per share.
Meanwhile, the stock of Welspun Group company has rallied 28% in past three trading sessions after the company has announced part repurchase of 4.50% foreign currency convertible bonds (FCCBs), due in 2014.
“The company has re-purchased bonds worth $24.4 million through the open market route, at an average discount of approximately 7% on the accreted value of the bonds,” Welspun Corp said in a BSE filing.
After accounting for this repurchase, convertible bonds worth $81.5 million remain outstanding and due for maturity by October 2014, it added.
The stock opened at Rs 57.75 and has seen a combined 3.81 million shares changing hands on the counter so far against an average sub two million shares that were traded daily in past two weeks.
Nippon Investment and Finance Company has acquired 1.39 million shares representing 0.53% stake in the company for total consideration of Rs 7.81 crore, according to bulk deals data on BSE.
Nippon Investment, which held 1.55% stake in the company at the end of December 2012, has purchased these shares at an average market price of Rs 56.19 per share.
Meanwhile, the stock of Welspun Group company has rallied 28% in past three trading sessions after the company has announced part repurchase of 4.50% foreign currency convertible bonds (FCCBs), due in 2014.
“The company has re-purchased bonds worth $24.4 million through the open market route, at an average discount of approximately 7% on the accreted value of the bonds,” Welspun Corp said in a BSE filing.
After accounting for this repurchase, convertible bonds worth $81.5 million remain outstanding and due for maturity by October 2014, it added.
The stock opened at Rs 57.75 and has seen a combined 3.81 million shares changing hands on the counter so far against an average sub two million shares that were traded daily in past two weeks.
