The Competition Commission of India (CCI) has approved the merger of Welpsun Global Brands into Welspun India (WIL). Besides, the competition watchdog has also accorded for hiving-off the marketing business of WIL into another group firm Welspun Retail (WRL). The CCI has opined that the proposed combination will not have any adverse impact on the Indian competitive environment. The company has decided to hive off the marketing business undertaking of WIL along with certain foreign investments.
Welspun India is currently trading at Rs. 52.80, up by 0.20 points or 0.38% from its previous closing of Rs. 52.60 on the BSE.
The scrip opened at Rs. 53.80 and has touched a high and low of Rs. 54.00 and Rs. 52.30 respectively. So far 2587 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 54.50 on 28-May-2012 and a 52 week low of Rs. 22.15 on 21-Dec-2011.
Last one week high and low of the scrip stood at Rs. 53.90 and Rs. 51.00 respectively. The current market cap of the company is Rs. 466.26 crore.
The promoters holding in the company stood at 46.57% while Institutions and Non-Institutions held 27.48% and 25.94% respectively.
