Welspun Gujarat raises $250 mn via QIP, FCCB issue

Pipe manufacturer Welspun Gujarat Stahl Rohren today said it has raised $250 million (over Rs 1,100 crore) by way of institutional placement of shares and bonds issue.

In a filing to the Bombay Stock Exchange, the company said that over the last two months, the company raised $150 million by way of Foreign Currency Convertible Bonds (FCCBs) offering and another $100 million through Qualified Institutional Placement (QIP).

The company would utilise the amount to fund capital expenditure and retirement of debt among others, the filing added.

"This fund raising will pave way for the accelerated growth journey of Welspun and the company becoming one of the most respected pipe companies in the world," Welspun Gujarat Chairman and managing director B K Goenka said.

The shares issued under the QIP would be listed on the BSE and the NSE, while the FCCBs would be listed on the Singapore Stock Exchange, the company said. JP Morgan acted as the book runner for both issues.

Shares of Welspun were trading at Rs 281.30, up 3.19 per cent on the BSE.