Welspun Enterprises is seeking shareholders' approval for buying back up to 25% of its share capital at Rs 62 per equity share for an aggregate consideration not exceeding Rs 270 crore. The promoter group, except the foreign co-promoters holding 2.17%, have indicated their intention to participate in the proposed buyback. Promoters hold a total 37.35% stake in the company, with public shareholding at 54.72%.
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.
