Welspun Enterprises is currently trading at Rs. 263.00, up by 6.25 points or 2.43 % from its previous closing of Rs. 256.75 on the BSE.
The scrip opened at Rs. 260.00 and has touched a high and low of Rs. 269.00 and Rs. 255.00 respectively. So far 13,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 283.20 on 13-Aug-2014 and a 52 week low of Rs. 81.00 on 11-Jul-2014.
Last one week high and low of the scrip stood at Rs. 283.20 and Rs. 255.00 respectively. The current market cap of the company is Rs. 345.78 crore.
The promoters holding in the company stood at 37.98 % while Institutions and Non-Institutions held 14.17 % and 47.85 % respectively.
Welspun Enterprises has entered into a definitive agreement with JSW Steel, pursuant to which the company shall sell Welspun Maxsteel (WMSL) for an enterprise value of Rs 1,000 crore plus net current assets as on August 31, 2014. This Enterprise Value includes long term debts of WMSL, which is estimated at Rs 1,087 crore as on August 31, 2014.
The company had identified WMSL as its non - core business and therefore has decided to exit the same. It may be pertinent to note that WMSL besides an operating unit has state of the art infrastructure in Salav, Maharashtra which is located near Mumbai. This sale will enable JSW, one of the most prominent players in the Steel industry to effectively utilize the WMSL facility and further expand the business for achieving its strategic goal. In the last few years, due to irregular supply of natural gas from its contracted suppliers, WMSL has not been able to operate at its optimum capacity.
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