ARSS Infra Gains 5% on Settling Dispute with Welspun

ARSS Infrastructure Projects rallied nearly 5 per cent to hit intraday high of Rs 33.80 after the company informed stock exchanges that it has settled dispute with Welspun Enterprises.

ARSS Infrastructure Projects informed Bombay Stock Exchange that in order to settle long pending dispute with Welspun Enterprises, ARSS Infrastructure Projects has agreed to transfer its 51 per cent stake in ARSS Bus Terminal to Welspun Enterprises. 

Prior to this agreement, ARSS Infrastructure Projects held 51 per cent in ARSS Bus Terminal and Welspun Enterprises had 49 per cent stake in the company. ARSS Bus Terminal Private Limited was incorporated in 2010 as a special purpose vehicle.

ARSS Infra added that the deal will not have any financial impact on the company.

As of 10:55 a.m., ARSS Infrastructure Projects shares traded 2 per cent higher at Rs 32.80 in-line with Nifty which was up 1.7 per cent.