Welspun-Gujarat Stahl to convert FCCBs into GDR

Welspun-Gujarat Stahl Rohren Ltd has announced that pursuant to authority of the resolution passed by the shareholders of the Company on October 18, 2005, the Company had issued Foreign Currency Convertible Bonds of aggregate amount of US$75 million (the "FCCB"). In this connection the Company has set up the Global Depository Receipts ("GDR") Programme on July 06, 2007 with the listing approval from the Singapore Stock Exchange Securities Trading (SGX-ST) wherein the FCCB holders may opt for conversion of their Bonds in to a number of GDR equal to the number of equity shares that would have been allotted had the bondholder opted for conversion in to equity shares.

Further the Company has informed that, this will not have any additional impact in the capital structure of the Company.

The stock closed the day at Rs.231.10, down by Rs.4.15 or 1.76%. The stock hit an intraday high of Rs.236.75 and low of Rs.228.10. The total traded quantity was 424203 compared to 2 week average of 1619527.

Source : Equity Bulls

Keywords