Nippon Investment and Finance Company, a Japanese private equity (PE) player, has acquired 0.53% stake in Welspun Corp through open market transaction for total consideration of Rs 7.81 crore. The company has purchased 1.39 million shares at an average market price of Rs 56.19 per share. Nippon Investment held 1.55% stake in the company at the end of December 2012.
Recently, the company had re-purchased bonds worth $24.4 million through the open market route, at an average discount of approximately 7% on the accreted value of the bonds.
Welspun Corp, the flagship company of the $3.5 billion Welspun Group, is one stop service provider offering complete pipe solution with a capability to manufacture line pipes ranging from half inch to 120 inches, along with specialized coating, double jointing and bending.
