Welspun Corp is selling its entire 39.88% stake in Leighton Welspun Contractors India Pvt Ltd for $99 million and would the money to reduce its debt
Welspun Corp Ltd (WCL) said its unit Welspun Infra Projects Pvt Ltd will sell its entire 39.88% stake in Leighton Welspun Contractors India Pvt Ltd for $99 million.
In a regulatory filing, Welspun said it would use the proceedings from the sale to deleverage its balance sheet.
Welspun is already in advanced stages of demerging the parts of its business other than line pipes into Welspun Enterprises Ltd through a court process.
Welspun closed Monday 10% higher at Rs64.4 on the BSE, while the 30-share Sensex ended marginally down at 21,143.
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