Rajani Associates has acted on the fast track rights issue of Welspun Specialty Solutions Limited for ₹350 crore.
The Firm acted as the sole legal counsel to Welspun Specialty Solutions and Systematix Corporate Services Limited on this issue.
The transaction team consisted of Sangeeta Lakhi (Partner) and Shriya Nandedkar (Associate).
The issue involved the allotment of 13.25 crore equity shares at ₹26.40 per share (₹10 face value and ₹16.40 premium) in the ratio of 1 new share for every 4 shares held, with March 1, 2025, as the record date. The subscription window was open from March 10 to March 19, 2025, and renunciation was permitted until March 13. Listed on the BSE, the issue was managed by Systematix Corporate Services Ltd., with Bigshare Services Pvt Ltd. acting as the registrar. The deal was executed under SEBI’s fast-track route, the process bypassed the requirement for a draft letter of offer
Welspun Specialty Solutions Limited (WSSL), a subsidiary of Welspun Corp Limited, is a leading Indian manufacturer specializing in alloy and stainless steel products. Established in 1980 and headquartered in Mumbai, the company operates a fully integrated manufacturing facility in Jhagadia, Gujarat, covering 126 acres. This facility encompasses advanced steelmaking capabilities, including a steel melting shop, rolling mill, and a state-of-the-art seamless pipe plant. WSSL boasts a steelmaking capacity of approximately 150,000 metric tons per annum and a stainless steel seamless pipe and tube manufacturing capacity of around 18,000 tons per annum
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