Welspun Corp Limited (WCL) has raised its holding in its unit Welspun Specialty Solutions Limited (WSSL) from 50.03% to 51.06%, after the rights issue at WSSL. This 1.03% rise consolidates WCL's majority hold in WSSL, a step consistent with the firm's recent strategic moves.
Main points:
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Stake of WCL in WSSL increases to 51.06% following rights issue
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Follows board approval to invest up to ₹250 crore in WSSL rights issue
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Part of WCL's overall strategy to build its specialty steel business
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Follows WCL's recent sale of 74% stake in Nauyaan Shipyard for ₹476.39 crore
This move comes after WCL's robust Q3 FY2024-25 performance, with net profit rising two-fold year-on-year to ₹674.7 crore. The higher stake in WSSL is likely to boost WCL's foothold in the specialty steel segment, which will supplement its core pipe manufacturing business.
Sources: NSE Archives, Welspun Corp Limited Regulatory Filing, March 26, 2025