Welspun Corp To Divest 10% More Stake In Nauyaan Shipyard

Welspun Corp. on Thursday said it will divest a further 10% stake in Nauyaan Shipyard Pvt. Ltd. to Nauyaan Tradings Pvt. Ltd. for ₹517.2 million. Nauyaan Tradings is a wholly-owned unit of Reliance Strategic Business Ventures Ltd., the company said in an exchange filing.

In addition, Nauyaan Shipyard will repay outstanding dues of ₹29.1 million to Welspun. Following the stake sale, Welspun Corp.’s holding in Nauyaan Shipyard will reduce to 16%, the company said.

Today, shares of Welspun Corp ended at ₹199, up 1% from Wednesday’s close.