Welspun Corp. Ltd., the flagship firm of the Welspun Group, said its board will meet next week to consider a share buyback. A board meeting will be held on May 14, 2019 "to consider proposal to buyback the fully paid-up equity shares of the company of face value of Rs 5 each," the company said in an exchange filing.
However, it did not elaborate on the matter.
The board will also consider the financial results for the year ended March 31, 2019, and recommendation of dividend on equity shares for fiscal year ended March 31, 2019, the filing added.
Welspun Corp. is among the largest welded line pipe manufacturing companies in the world.
At 12:10 p.m. Friday, Welspun Corp. shares were trading 2.57 percent higher at Rs 143.60 apiece on the Bombay Stock Exchange while the benchmark BSE Sensex Index was 0.25 percent higher at 37,653.21 points.
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