Welspun India surges over 12% on block deals

Shares of Welspun India advanced as much as 12.32 per cent after reports that promoters sold around 5 per cent stake via block deals in Wednesday’s trade.

According to ETNow, 1 big American fund and 2 big domestic funds are buyers.

Promoters were holding 73.48 per cent stake before the above transaction.


More than 82 lakh shares were traded so far on Wednesday against average volume of about 2.75 lakh shares in the past two weeks.

Shares of the company opened at Rs 74.75 and touched a high and low of Rs 82.50 and Rs 72.85, respectively, eventually closing 4.15 per cent up at Rs 76.50.

The Company on Tuesday also informed bourses that it has incorporated a wholly owned subsidiary viz Welspun Nexgen Inc., registered with the state of Delaware, USA, having paid-up capital of $4.25 million for making invesments in ecommerce companies.