Welspun Enterprises to buy back shares worth Rs 2.7 billion

Welspun Enterprises Limited, part of the Welspun Group, has announced plans to buy back up to 25 per cent of its share capital at a price of Rs 62 per equity share, for an aggregate consideration not exceeding Rs 2.7 billion. The buyback, which is subject to shareholder approval, is aimed at utilising the company’s substantial cash reserves and enhancing shareholder value. The promoter group, except the foreign co-promoters holding 2.17 per cent, have indicated their intention to participate in the proposed buyback. Promoters hold a total 37.35 per cent stake in the company, while public shareholders have 54.72 per cent holding in the firm.