Temasek sells 8.54% stake in Welspun Global
Singapore government’s sovereign fund Temasek Holdings has sold 8.54 per cent stake in Welspun Global Brands Ltd in the markets for an estimated Rs 3.5-4 crore. The fund held 9.85 per cent stake, which now leaves it with 1.31 per cent stake.
The shares of Welspun Global were last traded at Rs 43.4 on the Bombay Stock Exchange. Temasek sold the shares between Rs 38-43.5 per unit through its arms Dunearn Investments Mauritius and Baytree Investments Mauritius last week.
The stake in Welspun Global is part of Temasek's investment in home textiles maker Welspun India Ltd. According to VCCEdge, the financial research platform of VCCircle, Temasek had acquired the stake for Rs 118 crore in April 2005. Later, one of its arms, Baytree, picked up 1.39 per cent more from the markets.
In 2008, Welspun India spun off its marketing and investment divisions into two new firms to streamline its operations and boost international business. These two companies are Welspun Global Brands and Welspun Investments, respectively.
Temasek had sold off its stake in Welspun India earlier this year for Rs 56 crore. Temasek still holds a 14.11 per cent in Welspun Investments, which is worth Rs 1.13 crore.