Welspun Corp Ltd Receives Rs. 476.39 Crores from Strategic Investor, Becomes Net Cash Positive

Welspun Corp Ltd has completed a transaction with a strategic investor, receiving Rs. 476.39 Crores, out of which Rs. 382.73 crores were towards equity and Rs. 93.66 Crores towards dues. Following this transaction, Nauyaan Shipyard Private Limited (NSPL), a wholly-owned subsidiary, has ceased to be a subsidiary and has become an Associate of the Company. The Company plans to utilize the surplus cash, including existing Treasury, to reduce Debt by pre-paying around Rs. 1,000 crores before 31st March 2025. As a part of this plan, the Company has today pre-paid Debt of Rs. 725 Crores and will continue to focus on further reduction of Debt and Finance costs. As on 31st December 2024, the Company’s Consolidated Net Debt was already at a minimal level of Rs. 104 Crores. After today’s transaction, the Company is in a Consolidated Net Cash position.