Welspun Corp Limited
American Funds (Capital Group) bought 1,20,549 shares of Welspun Corp Limited for ₹27.43 Cr at ₹2275.30 apiece in a block deal. This transaction occurred amidst a larger block deal where 63 lakh shares of Welspun Corp, representing about 2.4% of its outstanding equity, changed hands. The sellers in the broader deal were reportedly Welspun Investments and Commercials, part of the promoter group, and Vipul Mathur, the company's MD & CEO.
One of the world's largest manufacturers of large diameter pipes, Welspun Corp produces steel billets, TMT rebars, ductile iron pipes, stainless steel pipes, tubes, and bars for diverse industrial applications. The company expanded into building materials through acquiring Sintex-BAPL, a market leader in water tanks and plastic products. It also made a strategic acquisition of specified assets from ABG Shipyard to strengthen its industrial presence.
India equity holdings of American Funds, the mutual fund family of Capital Group. Long-only, fundamentally driven strategy.