Welspun shareholders approve borrowing up to Rs 500 cr

Firm recently formed JV with Malaysia's Wasco Energy, to set up a concrete weight coating plant in Gujarat for Rs 95 cr

Welspun Corp today said its shareholders have approved borrowing up to Rs 500 crore through issuance of securities.

"Members by a Special Resolution have approved borrowing up to Rs 500 crore by issuance of securities through private placement," Welspun Corp Ltd said in a regulatory filing.

The world's leading steel pipes manufacturer for oil and gas sector, Welspun Corp and the Malaysian sectoral major Wasco Energy, recently formed a joint venture to set up a concrete weight coating (CWC) plant at Anjar in Gujarat with an investment of Rs 95 crore.

The shares of the company closed at Rs 104.30 a piece on BSE, down 6.46 per cent from the previous close.