Welspun Corp Jumps 6% on Rs 1,433 Cr Block Deal from Capital Group, Aberdeen
Welspun Corp shares hit a 52-week high after Capital Group, Aberdeen, and domestic funds bought a 2.4% stake for Rs 1,433 crore. The block deal followed a record Rs 17,200 crore order.
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Welspun Corp (WELCORP) shares jumped nearly 6% on Thursday, hitting a 52-week high of Rs 2,437.30 on the NSE. The move came after a block deal in which Capital Group and Aberdeen Investments bought shares, along with domestic funds. The group acquired a 2.39% stake for Rs 1,433.44 crore.
US-based Capital Group was the largest buyer, taking 47,84,526 shares in 14 tranches for a 1.81% stake. Edelweiss Life Insurance Company and mutual funds managed by Edelweiss and Quant also bought shares. The transaction was executed at an average price of Rs 2,275.30 per share.
On the selling side, promoter group entity Welspun Investments and Commercials Ltd sold 60 lakh shares, a 2.27% stake. CEO Vipul Mathur sold 3 lakh shares. The promoter group's combined holding fell to 47.46% from 49.73%.
The block deal followed Welspun Corp's announcement of its largest-ever single order, worth Rs 17,200 crore, for supplying pipes from its US manufacturing facility. The company's global order book reached a record $4.4 billion, or about Rs 42,100 crore.
In July, Welspun Corp reported a nearly threefold rise in consolidated net profit to Rs 1,047.88 crore for the June quarter, from Rs 349.16 crore a year earlier. Total income rose to Rs 4,144.91 crore from Rs 3,586.52 crore.
The stock closed at Rs 2,437.30, up 5.8% on the NSE.
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