LIC has brought down its stake in Welspun Corporation to 5.54 per cent by selling shares in the open market. LIC which held 2,04,82,544 shares, or 7.72 per cent, sold 57,89,140 shares or 2.18 stake in the company. Post the open market sale, LIC's stake in Welspun reduced to 5.54 per cent or 1,46,93,404 shares.
Welspun Corp is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.
