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updated on 24 Dec 2016
Welspun Enterprises falls 4.7% at intra-day on share buyback plan
Extending losses for the third straight session, Welspun Enterprises was trading 4.7% lower at Rs 58.55% at intra-day trade on BSE in an otherwise range-bound market. The company fell a day after it announced plans to buy back up to 25% of its share capital at Rs 62 per equity share.
“With a view of utilising the company’s substantial cash reserves and in order to enhance shareholder value, the board has approved buy back of 25% of the company’s share capital," the company said in a filing to BSE. However, the Rs227 crore buyback would be subject to shareholders’ approval.
The buyback would be at a price of Rs62 per equity share in cash for an aggregate consideration not exceeding Rs2.7 billion.
The promoter group, except the foreign co-promoters holding 2.17%, have indicated their intention to participate in the proposed buyback, the filing said.
Promoters hold a total 37.35% stake in the company. Public shareholders have 54.72% holding in the firm.
At 09:58 am, shares of Welspun Enterprises were trading 3.58% lower at Rs 59.25. They hit a low of Rs 58.55 and a high of Rs 60.50 during early-morning trade.