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.
At meeting held on 28 June 2021The Board of Welspun Corp at its meeting held on 28 June 2021 has approved the annual renewal of the enabling resolution of
the shareholders u/s. 42/71 for raising of funds by way of private placement up to Rs. 500 crores by issuing Commercial Papers / NCD. The Company has traditionally used this for raising Commercial Papers for routine working capital requirements.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to
At meeting held on 28 June 2021The Board of Welspun Corp at its meeting held on 28 June 2021 has decided that the company will continue to evaluate suitable opportunities, for both organic and inorganic expansions which have synergies with its business. As such, the Company has a judicious capital allocation
policy and any proposal has to first meet the internal thresholds for ROI and Profitability before being presented to the Board. Some of the new business areas that are being evaluated are: Marine Fabrication, Industrial Fabrication, Seamless Pipes (Carbon Steel), Renewable Energy etc. Accordingly, the company s objects clause is proposed to be