Metal pipe manufacturer Welspun Gujarat Stahl Rohren said that it will raise USD 150 million (INR 720.2 crore) by a foreign currency convertible bond issue.
Welspun Gujarat Stahl Rohren in a filing to the Bombay Stock Exchange said that the company has priced FCCBs at USD 130 million with an option to raise an additional amount of USD 20 million if the issue is fully subscribed.
Mr BK Goenka CMD of Welspun-Gujarat Stahl Rohren said that “This new FCCB issuance, one of the first issuance in the Indian market after almost 18 months, depicts the faith investors have in the prospects of our company.”
The filing added that FCCBs are expected to be listed on the Singapore Exchange and JP Morgan has acted as the sole book runner to the transaction.
(Sourced from www.steelguru.com)
Monday, September 28, 2009
Welspun Gujarat Stahl to raise USD 150 million through FCCB
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