Acquisitions7 Aug 2024, 10:19 pm
Welspun Corp Limited Acquires 100% of Weetek Plastic Private Limited for Rs. 85 Crores
AI Summary
Welspun Corp Limited, through its subsidiary Sintex-BAPL Limited, has agreed to acquire 100% of the equity shares and non-cumulative redeemable preference shares of Weetek Plastics Pvt. Ltd. (WPPL) and subscribe to a certain number of Optionally Convertible Debentures (OCDS) issued by WPPL. The purchase price and subscription price will be determined at closing based on the Enterprise Value of WPPL at Rs. 85 Crores. WPPL is into manufacturing of plastic pipes, fittings, and water storage tanks with a combined capacity of 19 KMPTA. This acquisition will make WPPL a wholly owned step-down subsidiary of Welspun Corp Limited.
Key Highlights
- Welspun Corp Limited to acquire 100% of Weetek Plastic Private Limited for Rs. 85 Crores.
- The acquisition is subject to completion of certain conditions precedent and closing conditions as per the Securities Purchase and Subscription Agreement.
- WPPL is a manufacturer of plastic pipes, fittings, and water storage tanks with a combined capacity of 19 KMPTA.
- The acquisition will make WPPL a wholly owned step-down subsidiary of Welspun Corp Limited.
- The transaction is in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.