Promoter Group Sells 60 Lakh Shares: This Multibagger Pipe Stock Gains 3.58%; Check Details

On Wednesday, Indian equity benchmark indices traded lower, with the Nifty 50 declining 0.10 per cent to 24,184.75. Despite the weak market trend and a promoter-group block deal, shares of Welspun Corp Ltd gained 3.58 per cent to Rs 2,389.20.

Promoter Group Sells 60 Lakh Shares

According to a stock exchange disclosure, Welspun Investments and Commercials Limited, which forms part of the promoter group of Welspun Corp, disposed of 60,00,000 equity shares, representing 2.27 per cent of the company's total share capital, through a block deal on August 26, 2026.

Before the transaction, Welspun Investments and Commercials Limited held 67.58 lakh shares, equivalent to 2.56 per cent of Welspun Corp. Following the sale, its direct holding declined to 7.58 lakh shares, or 0.29 per cent.

Promoter Group Holding Falls to 47.46 per cent

The filing shows that the transaction resulted in a decline in the overall promoter and persons acting in concert (PAC) holding. The promoter group held 49.73 per cent before the transaction and its holding declined to 47.46 per cent after the sale.

The company has an authorised equity capital of Rs 152.05 crore, comprising 30.41 crore equity shares of Rs 5 each, while its paid-up equity capital stands at Rs 131.90 crore, comprising 26.38 crore equity shares of Rs 5 each.

Stock Performance

Despite the promoter-group share sale, Welspun Corp shares were trading at Rs 2,389.20, up 3.58 per cent, while the Nifty 50 was down 0.10 per cent at 24,184.75.

The stock's movement comes against the backdrop of a significant recent order announcement by the company. Welspun Corp recently disclosed its largest-ever single order, valued at approximately USD 1.8 billion (around Rs 17,200 crore), for the supply of pipes from its US manufacturing facility.
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About Welspun Corp

Welspun Corp Ltd is a diversified pipe solutions and building materials company. The company provides end-to-end pipe solutions, including welded line pipes, and has a global presence across six continents and more than 50 countries. Its portfolio also includes ductile iron pipes, TMT rebars, stainless steel pipes, tubes and bars, while it has expanded into building materials and water-management products.

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Disclaimer: The article is for informational purposes only and not investment advice.