Welspun Enterprises, an infrastructure development company focusing on road, water and wastewater segments, has announced a share buyback at ₹200 a share aggregating to ₹235 crore. The buyback will account for 14.22 per cent of the company’s total paid-up equity share capital.
The proposal was approved by the board of directors on Friday, the company said.
The promoters will tender in the buyback up to a maximum of 53,50,000 shares out of the 8,06,25,603 shares held by them. Currently, the promoters hold 53.76 per cent of the company’s equity share capital.
Extra-ordinary general meeting
The board has convened an extra-ordinary general meeting via video conferencing on January 24 for obtaining approval to the proposal. It has also approved a one-time special dividend of ₹7.50 per equity share. The dividend will be paid to shareholders, holding the company’s shares on January 11, on or after January 20.
The company has withdrawn the scheme of amalgamation proposed on November 14 and would revisit it after the buyback is completed.
The volume of trade in the company’s shares has spurted in the last one week. Welspun Enterprises shares were up 0.06 per cent to ₹166 on Friday.