M&A
Patel Engg offloads remaining 9.99% equity stake in Welspun Michigan Engineers for Rs.100-Cr
Mumbai-headquartered, publicly-listed Patel Engineering has sold its remaining equity stake of 9.99% in fellow Mumbai-based Welspun Michigan Engineers Ltd (formerly Michigan Engineers Pvt Ltd) for INR 100 crore to publicly-listed Welspun Enterprises Ltd (WEL) as part of its strategy to monetise non-core assets.
In Aug 2023, publicly listed Welspun Enterprises had acquired a 50.10% stake in Michigan Engineers. In May 2023, Authum Investment & Infrastructure had acquired an about 41% stake in Michigan Engineers Pvt Ltd from Patel Engineering for INR 80.37 Cr. In total a 72% stake in Michigan Engineers was transferred from Mr. Saurin Patel and Patel Engineering to Sansaar Housing Finance Ltd and Authum Investment & Infrastructure respectively.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
