Welspun Corp raises Rs.252.8 crores through NCD issue

Welspun Corp Ltd. (WCL) has successfully concluded the placement of AA(-) rate secured Redeemable Nonconvertible Debentures( NCD's).

WCL has raised Rs. 252.8 cr NCD's (including Rs. 200 cr NCD's announced earlier and the green shoe option of Rs 52.8 cr) with maturity of 5 and 7 years. The NCD's with 7 years maturity were raised (excluding issue expense) at a coupon of 11.15% p.a. with put/call at the end of 5 years and at 11.25% p.a. without any put/call option.

The issue was dual rated at AA(-) thus affirming that the instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. The NCD's was placed amongst marquee investors including banks and financial institutions.

The Welspun Corp Ltd stock was trading at Rs.101.40, up by Rs.0.30 or 0.30%. The stock hit an intraday high of Rs.103 and low of Rs.101.

The total traded quantity was 0.27 lakhs compared to 2 week average of 0.94 lakhs.

Source : Equity Bulls

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