Modify list of directories name from Command Prompt

I have one requirement to modify name for list of directories through command prompt. Operating system is Windows Server 2008 R2.
Example - I do have following directory structure

• ROOT
  • 123#5
    • 11
    • 22
  • 123#6
    • 11
    • 22
    • 33
  • 123#7
  • 123#8
    • 44

I want to update above mentioned directory structure as following structure through batch file or command prompt.

• ROOT
  • 123~5
    • 11
    • 22
  • 123~6
    • 11
    • 22
    • 33
  • 123~7
  • 123~8
    • 44 
    
    Batch File  
    
    

    @echo off
    
    setlocal EnableDelayedExpansion
    
    for /r "C:\root" %%d in (.) do (
      set dirname=%%~nxd
      echo !dirname! | findstr "#" >nul
      if !errorlevel! equ 0 (
        set newname=!dirname:#=~!
        ren "%%~dpnd" "!newname!"
      )
    )
    
    endlocal