Industrial Finance Corporation of India has sold its entire stake in Mumbai-based Welspun India Limited, the world’s second-largest producer of Terry Towels, through a bulk deal on the National Stock Exchange that raised INR325.8m ($6m).
The firm sold just over six million shares to promoter group company Krishiraj Trading Limited for INR54 each, an exit that follows Krishira’s purchase in July of Dunearn Investments’ and Temasek offshoot Baytree Investments’ stakes in the business.
The company now owns 65 per cent of Welspun India Limited
Investors holding the remaining interests in the business include IDBI Bank and Reliance MF.
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