Welspun Corp announces Tender Offer to repurchase the US$150,000,000 4.50% Convertible Bonds due in 2014

Welspun Corp Limited had issued 4.50% Convertible Bonds of US$150,000,000 (current outstanding [US$150,000,000]) due in 2014. The bonds are listed on the Singapore Exchane Securities Trading Limited.

The company intends to repurchase for cash an aggregate principal amount of the outstanding bonds in an amount to be determined by the company at its sole discretion, by way of an invitation to holders of the bonds to tender their bonds for repurchase. The company proposes to send to bondholders a tender offer memorandum dated December 6, 2011 setting out, the terms and conditions of the invitation to tender.

The invitation to tender will commence on December 7, 2011 and will expire on December 9, 2011 unless extended, re-opened or earlier terminated as provided in the tender offer memorandum.

The stock was trading at Rs.69.80, down by Rs.0.60 or 0.85%. The stock hit an intraday high of Rs.71.50 and low of Rs.69.55.

The total traded quantity was 0.86 lakhs compared to 2 week average of 1.62 lakhs.

Source : Equity Bulls

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