Welspun Specialty Solutions has informed that the Board of Directors of Welspun Steel (the 'Demerged Company'), being the promoter of the Company, at its meeting held on June 28 2021 have, considered and decided to propose to National Company Law Tribunal (NCLT) for its approval a scheme in the nature of demerger to transfer its steel business undertaking which includes their stake (50.03%) in the Company to Welspun Corp (the 'Resulting Company'). Since the stakeholders who are holding not less than 50% of the equity shares in the Demerged Company are the same stakeholders holding not less than 50% equity shares in the Resulting Company and control being exercised by the same person(s) over both the companies, the indirect acquisition of control of the Company pursuant to the proposed Scheme is exempt making open offer under the provisions of the SEBI (SAST) Regulations, 2011.
The above information is a part of company’s filings submitted to BSE.
