Multibagger Infra Stock To Pay Dividend Soon, Approves 235 Crore Share Buyback

Small cap stock operating in Infrastructure sector, Welspun Enterprises Ltd is all set to pay dividend soon. The stock has given multibagger returns to investors over the years. Board of directors of Welspun Enterprises has fixed record date as January 11, 2023 for one-time special dividend. The company has also approved buyback of shares. Check key takeaways below:

1. Welspun Enterprises Sets Record Date For One Time Special Dividend

The Board of Directors of the Company at its meeting held today have approved to pay One Time Special Dividend ("Dividend") of Rs. 7.50 (Rupees Seven and Fifty Paise Only) per equity share of the face value of Rs.10/- each at the rate of 75% for the financial year 2022-23. The Dividend will be paid to the shareholders who are holding equity shares of the Company on the record date is given below. It will be paid on or after January 20, 2023."

2. Welspun Enterprises Approves Buy-Back Of Shares

According to the regulatory filing, "Board of Directors of the Company at its meeting held today decided, subject to shareholders' approval, to undertake buyback of 1,17,50,000 equity shares of Rs. 10/- each ("Equity Share") at the buyback price of Rs. 200/- (Rupees Two Hundred Only) per Equity Share ("Buyback Price"), for an aggregate amount of Rs. 235 Crore (Rupees Two Hundred and Thirty Five Crore Only) ("Buyback Size") (excluding all expenses and taxes incurred / paid or to be incurred )."

The record date for buyback of shares is not yet decided.

3. Welspun Stock Performance & Return

The last trading price of the stock is Rs 166 apiece. It has a market capitalisation of Rs 2494 crore. The stock has given a return of 121% in last 3-years and 77% in last 1-year. In the last 3-months, the stock has soared 30% and 10% in last 1-month.

4. About Welspun Enterprises

The Company's key activity is in the infrastructure business. Apart from that, the company holds equity investments in Welspun Natural Resources Private Limited (Oil and gas exploration).

In infrastructure, WEL has developed and operates PPP projects in various sectors like roads, water, and urban infrastructure. In the highway sector alone, the Company has successfully completed six BOT (Toll) Road projects with a total length of over 500 km.

Disclaimer

The stock gives details about share buyback and dividend. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.