Welspun Gujarat has okayed the acquisition of MSK Projects, reports CNBC-TV18. It plans to acquire 75% stake in the latter. The deal size is Rs 400 crore, and this is to be funded entirely through internal accruals.
Welspun Infratech, a 100% subsidiary of Welspun Gujarat Stahl Rohren and part of the USD 3 billion Welspun group, has signed an agreement to acquire a majority stake in construction major MSK Projects India.
Welspun targets to acquire about 75% stake through a combination of share purchases from promoters, associates, investors, preferential allotment and open offer. The company plans to make a mandatory open offer to the shareholders of MSK Projects.
Source: Money Control