Welspun Enterprise Proposes Merger With Welspun Projects, Seeks Approval From Indian Stock Exchange
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Commodities major “As a result of the proposed reorganization, all the above mentioned companies will merge in WPL, a listed entity, thereby shareholders of WEL will get 12 shares of WPL for every share held in WEL,” informed the company in the letter.
If the merger is executed successfully, the company will have access to a cash reserve of Rs 800 crore and will allow WEL, its subsidiaries and WPL to avail market opportunities through projects which will require large free cash and strong balance sheets.
“The merger is aimed to consolidate and simplify corporate structure of Welspun Enterprises and its subsidiaries. The elimination of entities is expected to benefit in terms of superior capital structure, increased flexibility to allocate capital efficiently, reduction in administrative or compliance cost and enhanced visibility of earnings and cash flows,” stated the company.
Currently, WEL holds nearly 61% stake in WPL through its subsidiary WIL, which will be nullified once the merger is completed. Consultancy firm
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Image: Indiatimes.com
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