Welspun Corp re-purchases a part of FCCBs

Welspun Corp Ltd, the flagship company of the US$3.5 billion Welspun Group and the second largest line pipe company in the world, has announced part repurchase of 4.50% foreign currency convertible bonds (FCCBs), due in 2014. 
 

The company has re-purchased bonds worth $24.4 million through the open market route, at an average discount of approximately 7% on the accreted value of the bonds.

 

In October 2012, the company had repurchased bonds worth $44.1 million through the tender offer route at 7.5% discount on the accreted value. 

 

Including the current purchases, the company has repurchased a total of $68.5 million worth of bonds in FY13. After accounting for this repurchase, convertible bonds worth $81.5 million remain outstanding and due for maturity by October 2014.