Welspun Corp has informed that associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has announced that its shareholders have approved the Board of Director's recommendation to grant bonus shares in the ratio of 1:2 through the capitalization of SAR 105 million from retained earnings. The share capital of EPIC will increase by 50% from SAR 210 million to SAR 315 million. The number of shares before the increase is 21,000,000 and after the increase will become 31,500,000 shares. By increasing its capital, EPIC aims to maximize shareholders wealth that balance between growth investment and dividends distribution, in line with future prospects, underlying growth in free cash flow, and long-term value creation through investments in available opportunities.
The above information is a part of company’s filings submitted to BSE.
