Welspun Corp has received an approval to reorganise its business into two separate listed entities. The board of directors at its meeting held on May 30, 2013 has approved for the same. The existing company ‘Welspun Corp’ will continue the Pipes and Plates businesses and another new company formed ‘Welspun Infra Enterprises’ will be for steel, infra, oil and gas exploration and energy business. The reorganisation is subject to statutory approvals to the Scheme of Arrangement under Companies Act, 1956 and other approvals.
Besides, the company has agreed to acquire 12.5% stake of Insight Solutions in Welspun Maxsteel at 30% discount to the fair market value. With this, the ownership of the company in Welpsun Maxsteel will rise to 99.85%.
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.
| Company Name | CMP |
|---|---|
| Tata Steel | 211.65 |
| JSW Steel | 1274.85 |
| SAIL | 172.50 |
| Jindal Stainless | 789.80 |
| APL Apollo Tubes | 2141.55 |
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