New Delhi, March 24 Welspun Mauritius Holdings will transfer its 22 per cent stake in East Pipes Integrated Company for Industry to Welspun Pipes Inc, USA, for 979.90 million SAR (Saudi Riyal).
Both Welspun Pipes and Welspun Mauritius Holdings Limited (WMHL) are wholly-owned subsidiaries of the homegrown Welspun Corp.
While East Pipes Integrated Company for Industry (EPIC) is a step-down listed associate of Welspun Corp in the Kingdom of Saudi Arabia (KSA).
The Boards of Directors of the respective entities, WMHL and WPI, have "approved the acquisition/sale of 69,30,000 equity shares representing 22 per cent stake in East Pipes Integrated Company for Industry (EPIC) from WMHL to WPI for an aggregate consideration of SAR 979.90 million," Welspun Corp said.
The transaction has been executed and completed on the Tadawul Stock Exchange, where the shares of EPIC are listed.
Upon completion of the transaction, EPIC, which is currently an associate company of WMHL, will thereafter become an associate company of WPI.
In November 2024, WMHL divested a 5 per cent equity stake in East Pipes Integrated Company for Industry (EPIC) for a total consideration of 218.9 million Saudi Riyal (approximately Rs 480 crore).