Welspun Corp inks PE deal

Welspun Corp inks PE deal

Accordingly, funds affiliated with Apollo will invest as much as Rs 1,305 crore, of which Rs 788 crore will be invested through fully and compulsorily convertible debentures and Rs 517 crore through global depository receipts (GDR).

In effect, the board of directors of Welspun Corp and funds associated with Apollo have jointly agreed to buy founders’ stake in Welspun Maxsteel Ltd (WML) for a total consideration of Rs 945 crore, it said.

Apollo also plans to invest Rs 675 crore in Welspun Infratech (WITL), a WCL subsidiary, it said. The group intends to use the sale proceeds to scale up its businesses in infrastructure and energy space. While Welspun Corp has orders worth Rs 5,500 crore, Welspun Infratech, has an order book of Rs 600 crore.

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