Welspun Corp (WCL), the second largest (large diameter) pipe company in the world, and the flagship company of the $3.5 billion Welspun Group has successfully concluded the placement of AA(-) rate secured Redeemable Non- convertible Debentures( NCD’s).
The company raised Rs 252.8 crore NCD’s including Rs 200 crore NCD’s (announced earlier) and the green shoe option of Rs 52.8 crore, with maturity of 5 and 7 years. The NCD’s with 7 years maturity were raised excluding issue expense at a coupon of 11.15% per annum with put/call at the end of 5 years and at 11.25% per annum without any put/call option.
Besides, the issue was dual rated at AA(-) thus affirming that the instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. The NCD’s was placed amongst marquee investors including banks and financial institutions.
