By Rebecca Melvin
New York, Sept. 25 - Welspun Gujarat Stahl Rohren Ltd., a subsidiary of Welspun Group, launched and priced an offering of $130 million of foreign currency convertible bonds on Thursday via J.P. Morgan as bookrunner, according to a news release.
There is an over-allotment option for up to an additional $20 million of bonds.
Proceeds will be used to invest in capital expenditures, growth opportunities and other general corporate purposes.
The bonds are expected to be listed on the Singapore Exchange.
Welspun chairman and managing director B.K. Goenka said that Welspun's offering represents one of the first new issues in the Indian market in almost 18 months.
Welspun is a metal pipe producer based in Anjar, Gujarat, in western India.
| Issuer: | Welspun Gujarat Stahl Rohren Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Amount: | $130 million
|
| Greenshoe: | $20 million
|
| Bookrunner: | J.P. Morgan
|
| Pricing date: | Sept. 24
|
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