At meeting held on 28 June 2021The Board of Welspun Corp at its meeting held on 28 June 2021 has decided to propose to National Company Law Tribunal (NCLT) for its approval the Scheme of Arrangement between Welspun Steel (the Demerged Company) and Welspun Corp (WCL/the Company/the Resulting Company) and their respective shareholders (Scheme).
The Scheme, inter alia, provides for demerger of the Demerged Undertaking (comprising of the Steel Operating Business (as defined hereinafter) and investments held in Welspun Specialty Solutions (WSSL) (50.03%), Anjar TMT Steel (ATSPL) (100%) and Welspun Captive Power Generation (WCPGL) (2.95%) into WCL/the Company/Resulting Company from the Appointed Date of 01 April 2021.
Stocks in news: Emami, Tata Motors, HDFC Bank, NLC India, Piramal Enterprises, Nalco and more Stocks in news: Emami, Tata Motors, HDFC Bank, NLC India, Piramal Enterprises, Nalco, BusinessToday.In
Updated Jun 29, 2021, 9:44 AM IST
Sensex and Nifty are likely to open higher today. On Monday, benchmark indices closed lower amid negative trend in global markets. Sensex ended 189.45 points lower at 52,735 and Nifty settled 45.65 points down at 15,814.
Here s a look at stocks that are likely to remain in news today.
Tata Motors: The auto firm would accelerate its presence in electric vehicles with plans of having 10 battery electric vehicles in less than four years, Chairman N Chandrasekaran said.
JSW Steel (JSW) has entered into an assignment agreement dated 31 March 2021 (Assignment Agreement), whereby Laptev Finance (Laptev), a JSW Group company has assigned to JSW all rights and obligations of Laptev under the Business Transfer Agreement dated 31 March 2019 as amended from time to time including the amendment dated 31 March 2021 (Business Transfer Agreement) executed by Laptev with Welspun Corp (Welspun), for a consideration of Rs 1 crore and applicable taxes.
As per the Business Transfer Agreement, Laptev had agreed to acquire from Welspun, as a going concern on slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business), for a consideration of Rs 848.50 crore, which is subject to closing adjustments towards net working capital.
JSW Steel has entered into agreement to acquire the high-grade steel plates and coil business of Welspun Group for ₹848 crore. As part of the deal, it will also buy out a land parcel attached to plate