Welspun Corp Sells Stake in Saudi Associate for Rs 480 Cr

New Delhi, Nov 11 (PTI) Welspun Mauritius Holdings Limited (WMHL) has divested a 5 per cent equity stake in East Pipes Integrated Company for Industry (EPIC) for an overall consideration of 218.9 million Saudi Riyal (about Rs 480 crore).

EPIC is a step-down listed associate of Welspun Corp in the Kingdom of Saudi Arabia (KSA).

"Our wholly-owned subsidiary WMHL has divested a 5 per cent equity stake in EPIC in favour of identified financial investors in a series of negotiated trades on the Tadawul Stock Exchange, KSA on November 11, 2024, for an overall consideration of (Saudi Riyal) SAR 218.9 million (approximately USD 58 million)," Welspun Corp said in an exchange filing.

Post this transaction, WMHL's stake in EPIC has changed from 31.5 per cent to 26.5 per cent, and the company will still remain the single largest shareholder in the company, the filing said.

The proceeds from the sale of EPIC shares are proposed to be redeployed by WMHL in its new wholly-owned subsidiary Welspun Pipes Company, KSA (WPC), for partly financing the capex of USD 200 million for DI (ductile iron) and LSAW (Longitudinal Submerged Arc Welding) pipes greenfield projects in KSA.