Capital Market Authority (“CMA”) which is the regulatory authority responsible for capital markets in the Kingdom of Saudi Arabia, has approved the Initial Public Offering of our Saudi Joint Venture, East Pipes Integrated Company for Industry (“EPIC”) for the offering of (6,300,000) shares representing (30%) of its share capital. The divestment of shares will be done by the JV partners in proportion to their shareholding in EPIC. Welspun Corp Ltd. currently holds 50.01% in the JV through its overseas subsidiary. Post the proposed listing, its shareholding will not fall below 35% in the JV and it would continue to be the largest shareholder. (positive)
