Welspun Enterprises announces share buyback to pay special dividend key details

The Board of Directors of Welspun Enterprises on Friday approved the acquisition of equity shares of up to 1.17 shares at $200 per share through the public offering route. In addition, the Board of Directors also approved the special dividend rate of . $7.50 per share. Shares of Welspun Enterprises traded almost unchanged at $166 per person on BSE.

“The Board of Directors of the Company at its meeting held today has decided, with the approval of the shareholders, to proceed with the acquisition of 1,17,50,000 shares of equity of the Company. $10/- each with a redemption price of $200/- per Equity Share (Acquisition Price), for a total of $235 crore (Acquisition size), representing 14.22% and 15.74% of total paid-up share capital and free reserves based on the company’s consolidated and independently audited financial statements for the year financing ends March 31, 2022 respectively through a supply route tender,” the company announced in an exchange filing.

The company’s promoters and promotion team have expressed their intention to bid up to 53,50,000 Equity Shares out of 8,06,25,603 Equity Shares held by them (53.76%). share capital of the Company). DAM Capital Advisors Limited, a SEBI Registered Commercial Bank, has been appointed as the Acquisition Manager.

Furthermore, the company said that “the company’s board of directors at the meeting held today approved a special one-time payment dividend of Rs. 7.50 per share par par value Rs.10/- per share at 75% rate for fiscal year 2022-23. Dividends will be paid to shareholders holding equity shares of the Company on the registration date given below. It will be paid on or after January 20, 2023.”

One Share buybackalso known as share buyback, is an act by a company to buy back its own outstanding shares from existing shareholders, usually at a price above the prevailing market price.

Welspun Enterprises Ltd. (WEL), part of the Welspun Group, is an infrastructure development company focused on the sugar, water and wastewater segments. The stock is up about 75% by 2022.

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