Capital Group, Aberdeen Investments buy 2.4% stake in Welspun Corp for ₹1,433 crore
Welspun Corp shares hit a 52-week high after investors acquired 63 lakh shares, while promoter holdings declined following the transactions
Capital Group, Aberdeen Investments, and various domestic funds collectively acquired a 2.4% stake in building materials company Welspun Corp through multiple block deals on the National Stock Exchange. The purchase of 63 lakh shares increased Welspun Corp's share price to a 52-week high of Rs 2,437.30 per share. US-based Capital Group was the largest investor, acquiring 1.81% of the company's shares through 14 tranches.
Other investors included Aberdeen Investments, Edelweiss, Quant, and Edelweiss Life Insurance Company. The promoters sold 60 lakh shares, reducing their stake to 0.29% from 2.56%. The combined holding of promoters and affiliated entities dropped to 47.46% from 49.73%. The purchase followed Welspun Corp's announcement of its largest-ever order worth Rs 17,200 crore for supplying pipes from its US manufacturing facility, boosting the company's global order book to a record USD 4.4 billion.
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