During the board meeting that is set to take place on April 27, 2023, the textile firm Welspun India, which is headquartered in Mumbai, will deliberate on a proposal to buy back the company’s equity shares.
According to a document that the company submitted to Indian stock exchanges, in accordance with Regulations 29(1)(b) and 29(1)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that in addition to financial results for the quarter and year ended March 31, 2023, the Board of Directors will, among other things, consider the buyback of equity shares of the company and recommendation of dividend for the year ended March 31, 2023, at its meeting scheduled
After the end of the Board meeting on April 27, 2023, the results of the meeting will be distributed to the stock exchanges so that investors may make informed decisions.
In the past, the Welspun Group has increased its construction material selection by purchasing the water tank manufacturer Sintex for a total price of Rs 1,251 crore.
Welspun Group stated in a statement that Sintex has been a well-known brand in India for decades for the production of water tanks and other plastic items. It has an effective distribution network that spans all of India. “With its acquisition, Welspun will be an integral part of many more households nationwide, expanding its building material portfolio,” the steel-to-textiles firm stated. “This is a huge part of the larger B2C strategy.”
The transaction that resulted in the purchase was valued at 1,251 billion rupees, the report said further.
