Welspun Corp disappoints

Welspun Corp has been rising for the past three sessions in anticipation of the buyback pricing. Yesterday, late evening, the company announced details.

Fixing record date as 5^th July, the company plans to buyback 2.89 crore equity share.

The disappointment is over the buyback price, which has bene fixed at Rs.135/share.

This price is at a discount to yesterday’s close of Rs.140, which is why today it opened lower at  Rs.135.50.