Welspun-Gujarat Stahl to raise 50 mn dlr
Metal pipes maker Welspun-Gujarat Stahl Rohren Ltd on Monday said it will raise 50 million dollar (Rs 215 cr) through issue of securities to the promoter group to finance its investments and other operations.
By PTI |
MUMBAI: Metal pipes maker Welspun-Gujarat Stahl Rohren Ltd on Monday said it will raise 50 million dollar (Rs 215 cr) through issue of securities to the promoter group to finance its investments and other operations.
The board of directors of the company at its meeting recently has decided to raise 50 million dollars through issue of convertible, non-convertible securities or warrants to the promoter group, the company informed the Bombay Stock Exchange.
The proceeds of the issue of securities would be utilised to finance incremental needs of the operations, investments and general corporate purposes.
For the purpose of issue of securities, the company's extra-ordinary general meeting would be held on May 10, it said.
The company also informed the exchange earlier today that it had bagged orders worth Rs 1,089 crores for the supply of line pipes in India and abroad.
"Though our emphasis on engineering excellence, we have demonstrated our ability to execute large and prestigious orders successfully," Welspun Group Vice Chairman and Managing Director B K Goenka said.
These orders take the company's current pending order book position to about Rs 4,000 crore, including the orders executed in the last quarter of FY 07.
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