Welspun Enterprises share price advanced 6.5 per cent intraday Monday since it is going to divest its stake in Welspun Energy. Meanwhile, the BSE Sensex was down 230.23 points, or 0.88%, to 25,810.47.
The company has, subject to the approval of the members of the company, approved sale of its entire investment of 6,04,93,342 equity shares (15.49 per cent) in the paid up equity share capital of Welspun Energy. As against its investment of Rs 91.1 crore, the stake is suggested to be sold to Welshop Trading, for a consideration of around Rs 290 crore plus contingent consideration, hence implying over 3x returns to the company on its investment.
Welspun Enterprises is one of the top 500 performing stocks for this quarter as identified by Dynamic Levels. For further details, refer to Welspun Enterprises share price history.
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