The official buyers and sellers are not yet known.
On Tuesday, CNBC-TV18 reported, citing sources that promoter group Welspun Investments and Commercials and CEO-MD Vipul Mathur were looking at selling around 63 lakh shares, or around 2.4% equity, of the firm, worth as much as ₹1,417 crore in block deals. The offer price was set at ₹2,250 per share, sources said.
The transaction would be a secondary share sale, which means the proceeds would go to the selling shareholders rather than Welspun Corp. The firm wasn’t raising fresh capital via the deal.
At the end of the June quarter, promoter entities held 50% stake in the company while public shareholders held the remaining 50%. Promoter group Welspun Investments and Commercials held 2.56% stake, as per data available on the stock exchanges.
Last week, Welspun Corp won its largest-ever single order on record worth approximately $1.8 billion for the supply of pipes from its manufacturing facility in the United States.
The order will be executed between FY28 and FY29. With this, its global order book reaches a record$4.4 billion, the highest in the firm’s history.
Welspun Corp said the order comes from the global energy and infrastructure sector and would be supplied from its US manufacturing facility.
Shares of Welspun Corp ended the previous session 3.3% lower at ₹2,331 apiece. The stock has gained 45.7% in the past month and is up 191.6% this year, so far.
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