Welspun Corp acquires 100% of shares in newly incorporated Mahatva
Welspun Corp Limited acquired the entire share capital of Mahatva Plastic Products and Building Materials Private Limited, a newly incorporated company with the object of trading in polymer products, from an unrelated party for Rs 10,000 with the intention of ‘make it a special purpose vehicle for organics / inorganic growth.
The above acquisition was made possible after the modification of the object clause in the Deed of Association and the acquisition of Mahatva Plastic Products and Building Materials Private Limited.
“The modification of the object clause in the constituting act as proposed in the notice dated October 28, 2021 calling an extraordinary general meeting on November 23, 2021 has been registered with the Ministry of Corporate Affairs and, consequently, the new subject matter clause came into effect on November 25, 2021, the company said in a document released on Friday.
“The Company has acquired all of the share capital of Mahatva Plastic Products and Building Materials Private Limited (“ Mahatva ”), a newly incorporated company having as its object, among other things, the activity of polymer products, from a unrelated part for an amount of Rs 10,000 / – with the intention of making it a Special Purpose Vehicle for organic / inorganic growth. Mahatva currently has no significant assets or liabilities, ”he added.
At around 12:12 p.m., Welspun Corp Ltd was trading at Rs 168.95 per coin, down Rs 0.95 or 0.56% from its previous close of Rs 169.90 per coin on BSE.