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Welspun Enterprises Shares Rise 3% Ahead of Board Meeting for Buyback, Dividend

Last week, Welspun Enterprises announced the divestment of its highway project portfolio worth nearly Rs 9,000 crore to Actis Highway Infra Ltd.

On Tuesday, construction and engineering firm Welspun Enterprises informed its board that it would meet on Friday, December 30, to discuss a proposal to buy back shares and pay an interim dividend.

“You are now informed that, at its meeting scheduled for Friday, December 30, 2022, the Board will consider the following proposals: (i) a share buyback and (ii) the declaration of an interim dividend,” the regulatory filing said.

Meanwhile, shares of Welspun Enterprises rose more than 3% to Rs 166.25 per share. The shares were traded at Rs 166.25 per share on the BSE.

The stock has returned about 80% so far this year. It’s up 74% over the past six months. The stock’s 52-week range is Rs 172.20 to Rs 69 per share. The company has a market capitalisation of Rs 2,496 crore.

Welspun Enterprises Ltd (WEL) is part of the Welspun Group, an infrastructure development company. WEL specializes in road and water projects under the Hybrid Annuity Model (HAM) and through extensive Engineering, Procurement and Construction (EPC) contracts. It also selectively undertakes build-operate-transfer (BOT) projects.

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