Welspun Corp Limited has announced the completion of an intragroup transaction involving the transfer of 69,30,000 equity shares, representing a 22% stake in East Pipes Integrated Company for Industry (EPIC), from Welspun Mauritius Holdings Limited (WMHL) to Welspun Pipes Inc (WPI). The transaction was executed on the Tadawul Stock Exchange for an aggregate consideration of SAR 979.90 million.
The acquisition, which is a related party transaction, was conducted on an arm’s length basis. Both WMHL and WPI are wholly owned subsidiaries of Welspun Corp, ensuring that the ultimate ownership remains unchanged. Consequently, the transaction is not expected to have any material impact on Welspun Corp’s operations, financial position, or profitability.
EPIC, a company engaged in the manufacturing of pipes, tubes, and hollow shapes from iron and steel, will now become an associate company of WPI, transitioning from its previous status as an associate of WMHL. The transfer is part of an internal reorganisation strategy and does not require any governmental or regulatory approvals.
The shares were acquired at a price of SAR 141.40 per share, amounting to a total consideration of SAR 979.90 million. EPIC, incorporated on 4th July 2010, reported a turnover of SAR 1,832.85 million for the financial year ending 2025, with previous years’ turnovers of SAR 1,543.17 million in 2024 and SAR 1,438.65 million in 2023. The company operates in the Kingdom of Saudi Arabia.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).