Welspun Corp CEO, Promoter Offer Shares Worth INR 1,433 Cr
Welspun Corp CEO, promoter offload shares worth INR 1,433 cr via block deal days after record USD 1.8 bn US pipe order.
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Welspun Corp shares fell on Wednesday after block deals worth INR 1,433 crore hit the counter, with MD & CEO Vipul Mathur and promoter group entity Welspun Investments and Commercials among the sellers.
Data from the exchanges showed 63 lakh shares changed hands at INR 2,275.30 apiece, translating into a deal value of INR 1,433.44 crore, a 2.99 per cent discount to Tuesday’s closing price of INR 2,345.50.
As per the term sheet, Mathur was looking to sell 3 lakh shares, while Welspun Investments And Commercials Ltd was expected to offload 60 lakh shares. The combined 63 lakh shares account for 2.4 per cent of the company’s total outstanding shares. The floor price was set at INR 2,250 apiece, a 4.1 per cent discount to the previous close. IIFL Capital Services was the sole placement agent for the deal.
The share sale comes days after Welspun Corp secured its largest-ever single order, worth USD 1.8 billion, for pipe supplies from its US manufacturing facility. The order took the company’s global order book to a record USD 4.4 billion (INR 42,100 crore), up from INR 25,750 crore earlier, and covers evacuation and transportation infrastructure for gas from the Permian Basin to the Gulf Coast. The stock has rallied 43 per cent over the past month on the back of the order.
Brokerages remain mixed on the stock. Nuvama has a target price of INR 2,437, Investec has retained a ‘Buy’ rating with a target of INR 2,878, and Equirus Securities has set a target of INR 3,107. Systematix has retained a ‘Hold’ rating, citing improved revenue visibility for FY28 and FY29, with 60-65 per cent of the order book concentrated in the US.
Welspun Corp shares fell on Wednesday after block deals worth INR 1,433 crore hit the counter, with MD & CEO Vipul Mathur and promoter group entity Welspun Investments and Commercials among the sellers.
Data from the exchanges showed 63 lakh shares changed hands at INR 2,275.30 apiece, translating into a deal value of INR 1,433.44 crore, a 2.99 per cent discount to Tuesday’s closing price of INR 2,345.50.
As per the term sheet, Mathur was looking to sell 3 lakh shares, while Welspun Investments And Commercials Ltd was expected to offload 60 lakh shares. The combined 63 lakh shares account for 2.4 per cent of the company’s total outstanding shares. The floor price was set at INR 2,250 apiece, a 4.1 per cent discount to the previous close. IIFL Capital Services was the sole placement agent for the deal.
