New Delhi, Nov 11 (PTI) Welspun Mauritius Holdings Limited (WMHL) has divested 5 per cent stake in East Pipes Integrated Company for Industry (EPIC) for 218.9 million Saudi Riyals (approximately Rs 480 million).

EPIC is a descending list partner of Welspun Corp in the Kingdom of Saudi Arabia (KSA).

“Our wholly owned subsidiary, WMHL, entered into a series of negotiations held on the Tadawul Stock Exchange (KSA) on November 11, 2024, for a 5 percent equity interest in EPIC in favor of certain financial investors, for an overall consideration of (Saudi Riyals) ) SAR 218.9 million (approximately US$58 million),” Welspun Corp said in an exchange filing.

The application states that after this transaction, WMHL’s share in EPIC changed from 31.5 percent to 26.5 percent and that the company will still remain the company’s largest shareholder.

Redistribution of the proceeds from the sale of EPIC shares by WMHL in its new wholly owned subsidiary, Welspun Pipes Company, KSA (WPC), to partially finance the US$200 million capital expenditure for DI (ductile iron) and LSAW (Longitudinal) It is recommended. Submerged Arc Welding in KSA) pipes from scratch projects.