Welspun-Gujarat Stahl to raise US$ 50 million

Welspun-Gujarat Stahl Rohren Ltd has announced that the Board of Directors of the Company at its meeting held on April 14, 2007, has decided to raise USD 50 mn (equivalent to INR 2150 mn) by issue of Convertible / non-convertible securities / warrants to constituents of Promoter Group with a condition that the aggregate amount of convertible securities and subscription to equity shares to be issued against options attached to warrants shall not exceed USD 35 mn (equivalent to Rs 1505 mn). The proceeds of the aforesaid issue of securities shall 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 will be held on May 10, 2007, notice for which was approved by the Board of Directors.

Source : Equity Bulls

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