Welspun India promoters’ stake reaches 60% after Temasek buy

| | Updated on: Jul 18, 2012

Promoters of Welspun India have acquired the entire holding of Temasek, a Singapore government-owned sovereign fund, in the company.

Temasek owned 11.59 per cent stake in Welspun through its two subsidiaries Dunearn Investments Mauritius and Baytree Investments Mauritius. On Tuesday, Tamesak offloaded its stake on the BSE for about Rs 56 crore.

The shares were acquired by Krishiraj Trading, a constituent of Welspun Promoter Group.

Besides purchase of the Tamesak stake, Welspun promoters have been active in the market to increase their stake. The promoters holding in the company has gone up from 46.57 per cent in the March quarter to nearly 60 per cent.

The company has also announced an open offer to acquire 26 per cent stake for Rs 126 crore.

Mr Akhil Jindal, Director, Welspun Group, said the promoters holding would touch close to 85 per cent if the open offer is fully subscribed.

Welspun India manufactures home textile products in bed and bath segments such as bed linen, basic bedding, decorative bedding, terry towels, rugs and yarn.

The company’s shares on BSE were up 0.28 per cent at Rs 53 on Wednesday.

Published on July 18, 2012

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