Welspun Gujarat Stahi Rohren (WGSRL), the flagship company of line pipe and home textile major Welspun, has hiked its foreign currency convertible bonds (FCCBs) offering by $20 million, taking the total to $150 million.
The funds will be deployed for capex plans, the company said in a statement. The company claimed that it received an overwhelming response from investors from Europe and Asia. Investment banker JP Morgan acted as the sole book runner to the transaction.
Net sales and profit of the company was Rs 5739.5 crore and Rs 213.5 crore respectively in 2008-09 fiscal. In 2007, WGSRL raised private equity of around $80 million from UK-based 3i Group by diluting 6.6% stake. In a similar deal in 2008, the company raised another $75-80 million from New York-based private equity fund Genesis Asset Managers against a 5% equity stake.