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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.
