Welspun Corp today said it has allotted nearly 3.50 crore shares to Granele upon conversion of convertible debentures.
Following an investment agreement inked on June 29, 2011 between Welspun Corp and Insight Solutions, Welspun Corp had allotted One unsecured compulsorily convertible debenture of Rs 788.37 crore on August 18, 2011 to Granele Limited.
"As the term of 18 months from the date of allotment of CCD has expired, the company has on February 18, 2013 made allotment of 3,50,38,889 equity shares against the compulsory conversion of the said CCD," it said in a BSE filing.
Welspun Corp, which manufactures pipes, is the flagship company of Welspun Group.
The scrip of the company today settled at Rs 89.65 apiece at the BSE.
