Welspun Enterprises revises global depository receipt
Avalokita Pandey / 28 Jan 2017
Welspun Enterprises Limited has informed the NSE that the company has received a disclosure under the SEBI Substantial Acquisition of Shares and Takeovers Regulations, 2011 from Insights Solutions, Mauritius and Granele Limited, Cyprus, intimating about the conversion of the entire GDRs.
Welspun Enterprises Limited (WEL) has informed the National Stock Exchange (NSE) that the company has received a disclosure under the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011 from Insights Solutions, Mauritius and Granele Limited, Cyprus, intimating about the conversion of the entire global depository receipt (GDRs) underlying 13,815,600 equity shares held with the depository-Bank of New York, Mellon into equity shares of the company. As a result, no GDR of the company is outstanding.
A global depository receipt (GDR) is a certificate issued by a depository bank, which purchases shares of foreign companies and deposits it on the account. They are the global equivalent of the original American depository receipts (ADR).
WEL is part of the Welspun Group, which is an operating company as well as a holding company.
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