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The shares of Welspun India settled 4.16% higher at Rs76.45 apiece on NSE on Wednesday. Photo: Mint
The shares of Welspun India settled 4.16% higher at Rs76.45 apiece on NSE on Wednesday. Photo: Mint

Welspun India’s promoter sells stake worth Rs350 crore

Welspun India's promoter MGN Agro Properties has sold nearly 5% stake in the textile firm for almost Rs350 crore through an open market transaction

New Delhi: A promoter of Welspun India on Wednesday sold nearly 5% stake in the textile firm for almost Rs350 crore through an open market transaction.

According to the bulk deal data available with NSE, Welspun India’s promoter MGN Agro Properties Pvt. Ltd offloaded 4.81 crore shares, amounting to 4.79% stake in the firm.

The shares were disposed of at an average price of Rs72.71 apiece, valuing the transaction at Rs349.71 crore, the data showed.

Among the buyers of the shares were DSP BlackRock Mutual Fund’s—‘Balanced Fund’, ‘Micro Cap Fund’, ‘Opportunities Fund’ and ‘Tax Saver Fund’. The four entities together bought 3.72 crore shares at an average price of Rs72.7 per scrip, taking the total value of the transaction to Rs270.77 crore. The shares of Welspun India settled 4.16% higher at Rs76.45 apiece on NSE today.

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