Shares of Welspun Corp Ltd rallied 4% on 26 February after the company announced the formation of a subsidiary in the UAE. 

In its regulatory filing, the company said that its wholly owned subsidiary (WOS) in the Free Trade Zone, United Arab Emirates (UAE), has been incorporated under the name “Welspun International FZCO” (WIFZCO) in Dubai Multi Commodities Centre (DMCC), UAE.

Today, the company acquired its Certificate of Incorporation/License from the competent DMCC body.

“WIFZCO will handle global marketing for all our products and also carry out the business of trading of any of the products and raw materials in which the parent company and its subsidiaries transact,” said Welspun Corp in an exchange filing.

Earlier this month, on 12 February, Welspun Corp informed the exchanges that Welspun Global Holdings Limited (WGHL), located in Dubai International Financial Centre (DIFC), UAE, and Welspun Mauritius Holdings Limited (WMHL), both wholly owned subsidiaries of the company, have informed Welspun Corp that their respective Boards of Directors have approved the transfer/acquisition of a 100% equity stake in Welspun Pipes Company (WPC), KSA, from WMHL to WGHL for an ag.

However, the acquisition is subject to the obtaining of all necessary statutory and regulatory clearances. Welspun Corp stated in a regulatory filing that upon conclusion of the deal, WPC, which is currently a wholly owned subsidiary of WMHL, will become a wholly owned subsidiary of WGHL.

At 12:32 pm, the shares of Welspun Corp were trading 2.77% higher at Rs 819.40 on NSE. 

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