With a view of utilising the company’s substantial cash reserves and in order to enhance shareholder value, Welspun Enterprises, a part of $2.3 billion Welspun Group, is planning to buy back up to 25 per cent of its share capital at a price of Rs 62 per equity share.
The company’s board gave approval for the same, though the Rs 227 crore buyback would be subject to shareholders’ approval. The buyback would be at a price of Rs 62 per equity share in cash for an aggregate consideration not exceeding Rs 2.7 billion.
Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company as well as a holding company in the business of Infrastructure, Oil & Gas Exploration and Renewable Energy. WEL has executed infrastructure projects such as highways, bridges, industrial, residential and commercial buildings.