Apollo exits Welspun Maxsteel stake to promoter
Apollo Global Management has sold a 12.5% stake in India’s Welspun Maxsteel Limited (WMSL) to parent company Welspun Corp at a 30% discount to the fair market value. It’s the second part of a larger INR22.5 billion ($502.9 million at the time) deal between the two to fall through.
Welspun revealed in an exchange filing that it had bought the stake from Apollo affiliate Insight Solutions. Apollo bought the WMSL shares in June 2011 for INR1.4 billion, as part of a deal to invest...
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