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  5. Welspun Living drops 4% amid reports 3.8 crore shares change hands in block deal window

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Welspun Living drops 4% amid reports 3.8 crore shares change hands in block deal window

Upstox
By Upstox News Desk

2 min read | Updated on August 29, 2024, 11:11 IST

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SUMMARY

Welspun Living is one of the leading textile companies in India. It is a part of the Welspun Group. The company produces a wide range of products, including bed linen, bath linen, rugs, flooring solutions, curtains and upholstery, and mattresses.

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WELSPUNLIV
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In the past 12 months, shares of the company have surged around 63%. 

In the past 12 months, shares of the company have surged around 63%. 

Dalal Street is witnessing a deluge of block deals these days. Along with PB Fintech and IndiGo, another company that witnessed the block deal on Thursday, August 29, was Welspun Living. 

Welspun Living is one of the leading textile companies in India. It is a part of the Welspun Group. The company produces a wide range of products, including bed linen, bath linen, rugs, flooring solutions, curtains and upholstery, and mattresses.
According to a report by CNBC-TV18, 3.8 crore shares, or 3.9% equity, of the company changed hands in the block deal window. 

Earlier, it was reported that the company's promoter was likely to sell a 4.6% stake in Welspun Living via block deals. The floor price was seen at ₹197 per share, a 5% discount to the last traded price. There will be a 180-day lock-in period, the report added.

At 10:56 AM, shares of the company were trading nearly 4% lower at ₹199.65 apiece on the BSE. 

As per reports, Welspun Living on Wednesday announced a new partnership with Jeremiah Brent, designer and cast member of the upcoming Season Nine of Queer Eye, to launch a collection of home textile furnishings. The collection blends modern and traditional elements in a range of products for the primary bed and bath suite.

ALSO READ | IndiGo block deal: Nearly 2.3 crore shares change hands, stock falls 3%

The full product line will be unveiled to the trade from September 16-19, 2024, at The Home Fashion Products Association (HFPA) market week in New York City.

The collection seeks to bridge the gap between artistry and accessibility, and it sources Welspun Living’s sustainable manufacturing capabilities to create home solutions that meet the needs of design- and environmentally-conscious consumers, the report added.

In the past 12 months, shares of the company have surged around 63%. 

The company recently concluded its share buyback offer. 

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Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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