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Welspun Corp announced that pursuant to the Scheme of Arrangement between Welspun Steel (demerged company) and Welspun Corp (resulting company) as sanctioned by the NCLT, Ahmedabad Bench vide its order pronounced on 16 March 2022, the Company has allotted on 08 April 2022, 35,15,11,571 cumulative redeemable preference shares of the face value of Rs. 10 each fully paid up (CRPS) to the eligible shareholders of the demerged company, in the share exchange ratio of “81 6% CRPS of the resulting company of Rs. 10 each fully paid up, for every 100 equity shares of the demerged company of the face value of Rs. 10 each fully paid up”, as provided in the Scheme. These CRPS shall carry a coupon of 6% p.a. and are redeemable, at face value, at the option of the holder upon the expiry of 18 months from the date of issue. These CRPS shall not to be listed on any stock exchange in India.
With the allotment of the above CRPS, the equity paid up share capital of the resulting company shall remain unchanged at 26,09,49,395 equity shares of Rs. 5/- each fully paid up aggregating to Rs.130,47,46,975/-. However, the preference share capital of the company is increased from Nil to 35,15,11,571 CRPS of Rs. 10/- each fully paid-up aggregating to Rs. 351,51,15,710/-.
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