Welspun Enterprises announced on Saturday that its Board, subject to the approval of the members of the Company, has approved sale of its entire investment of 60,493,342 equity shares representing 15.49% in the paid up equity share capital of Welspun Energy.

As against its investment of Rs. 91 crore, the stake is proposed to be sold to Welshop Trading, for a consideration of approximately Rs. 290 crore plus contingent consideration, thereby implying more than 3x returns to the Company on its investment.

Post sale of its renewable business, Welspun Enterprises 15.49% minority stake in Welspun Energy does not contribute to the consolidated results of the former.

The market is pretty happy about the news and the stock price rose over 6.5% to Rs.63.40 with a good almost 2 times surge in volumes. Its 52-week high is at Rs.75.30.