Welspun Living share price rockets over 7%. Know why, and more details

Welspun Living share price rockets over 7%. Know why, and more details

MINT | July 9, 2024 | 02:29 PM IST | Breaking News | Follow on Google News

Welspun Living share price rockets over 7%. Know why, and more details

Welspun Living share price rockets over 7%. Know why, and more details

Welspun Living stock price climbed by 7 per cent on July 9, 202 as the company announced the successful closure of its second fund, raising a total of ₹2,275 crores, including co-investment commitments.

Welspun Living share price was trading in green, up 7.38 per cent, at ₹163.90, on July 9, at 2:06 pm, on NSE. The company enjoys a market capitalisation of ₹15,927.94 crore. The company last reached its 52-week high on January 31, 2024 at ₹171.25.

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Balkrishan Goenka, Chairman of Welspun World, commented, “Our commitment to advancing critical logistics infrastructure is in perfect alignment with India’s strategic objective of reducing logistics costs from 14% to 8%, thereby enhancing the global competitiveness of our industries. At Welspun One, we are dedicated to driving positive change and fostering economic growth through our initiatives. By making strategic investments in essential infrastructure, we aim to streamline logistics operations, stimulate industrial growth, and ultimately contribute to the prosperity of our nation.”

The funds were sourced from approximately 800 Limited Partners (LPs), encompassing high-net-worth and ultra-high-net-worth individuals, family offices, corporates, and domestic institutions. This addition brings Welspun One’s total investor base to around 1000 unique investors. The significant interest highlights investor confidence in Welspun One’s warehousing segment and its management team, bolstered by the performance of its first fund, which raised around ₹500 crores in early 2021.

Noteworthy clients included Tata Croma, Delhivery, FM Logistics, Asian Paints, and Ecom Express. Additionally, Fund 1 achieved its first exit by selling a 13-acre park in NCR to a leading Asia-focused logistics REIT for ₹900 million (approximately USD 11 million).

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Anshul Singhal, Managing Director, Welspun One, added, “Embarking on the exploration of new-age warehousing assets represents an exciting journey for us at Welspun One. Our progress has been remarkable, having successfully established a well-capitalized platform poised to achieve an AUM of over USD 1 billion. We will continue to build on this foundation and seek to diversify our Limited Partner base by augmenting our retail investor base with institutional capital to meet future growth requirements. Supported by top-tier governance practices and the adoption of cutting-edge technology, we are at the forefront of reshaping the real estate investment landscape.”

MINT