Date:09/11/2005 URL: http://www.thehindubusinessline.com/2005/11/09/stories/2005110902310200.htm

Back Welspun-Gujarat raises $75 m thru FCCBs

Our Bureau

Mumbai , Nov. 8

WELSPUN-Gujarat Stahl Rohren Ltd announced that it has raised $75 million, including a greenshoe option of $10 million through a foreign currency convertible bonds (FCCB) issue.

These zero coupon bonds have a tenor of five years and are convertible into equity shares at a premium of 60 per cent to the BSE closing price of Rs 101.35 on November 7.

"The pricing and commitments received at such a competitive rate represents an important milestone for Welspun Gujarat. Subsequent to our debut convertible bond offering, earlier this year, we are delighted that international investors have continued to support our capital raising plans,'' the company told BSE quoting Mr B.K. Goenka, Vice-Chairman and Managing Director, Welspun-Gujarat.

Shares of the company moved up by Rs 1.10 to Rs 102.45 on the BSE.