Welspun Gujarat upsizes FCCB Issue by US $ 20mn to $ 150 mn

Mumbai - October 8, 2009: Welspun Gujarat Stahl Rohren Ltd., (Welspun), the flagship company of the $2,000 million Welspun Group and the 2nd largest line pipe manufacturer in terms of capacity (Source: Financial Times, 2008) successfully upsizes its Foreign Currency Convertible Bonds ("FCCB") offering for an amount of US$20 million, taking the total to $150 million.

The investor response to the total offering was overwhelming and it includes a mix of European and Asian investors amongst others. JP Morgan has acted as the sole book-runner to the transaction.

The stock was trading at Rs.277.85, up by Rs.9.65 or 3.60%. The stock hit an intraday high of Rs.280 and low of Rs.270.

The total traded quantity was 1011375 compared to 2 week average of 1065416.

Source : Equity Bulls

Keywords