Welspun Corp, the flagship company of $3 billion Welspun Group, will seek shareholders' approval to raise up to Rs 500 crore through issue of securities. This step has been taken in order to augment resources for the ongoing capital expenditure, long-term as well as short-term working capital and for general corporate purposes.
Welspun Corp is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.
