Intimation of redemption of unlisted redeemable preference shares is attached.
WELSPLSOL · price
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Welspun Specialty Solutions has fully redeemed all its unlisted 12% Non-Cumulative Redeemable Preference Shares — 5,09,04,271 shares of Rs. 10 each (totalling about Rs. 50.9 crore). The redemption was funded using the proceeds of the company's Rights Issue. After this, the company's preference share capital stands reduced to zero, simplifying its capital structure. This is a continuation of an earlier announcement made on the same day. The move cleans up the balance sheet by removing a high-cost 12% preference share obligation.
Shareholders see no direct cash benefit, but the company's capital structure becomes simpler and the Rs. 50.9 crore high-cost preference share liability is wiped out. Using Rights Issue proceeds means existing equity shareholders effectively funded this cleanup, which could be mildly positive for long-term financial health.