Welspun India to consider raising $50 million

Welspun India Ltd has announced that the Board of Directors of the Company at its meeting held on October 23, 2009, inter alia, has decided to convene an extra-ordinary general meeting of the Company for obtaining shareholders' approval for further issue of securities upto an amount equivalent of US$50 million.

The Board noted that as a demerged Company of the Company viz. Welspun Global Brands Ltd. has appointed Mr. Rajesh R. Mandawewala as the Managing Director of the Welspun Global Brands Ltd., Mr. Rajesh R. Mandawewala ceases to be the Joint Managing Director of the Company but continues as a director of the Company.

The Welspun India stock closed the day at Rs.87.30, up by Rs.4.15 or 4.99%. The stock hit an intraday high of Rs.87.30 and low of Rs.80.55.

The total traded quantity was 934258 compared to 2 week average of 325716.

Source : Equity Bulls

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