Welspun Corp, the second largest line-pipe company in the world, has successfully concluded the placement of AA(-) rate secured Redeemable Non convertible Debentures (NCDs). The company raised Rs 90 crore NCDs with average maturity of 9 years. The NCDs were raised excluding issue expense at a coupon of 11% per annum without any put/call option.
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 financial institutions.
Welspun Corp, the flagship company of the $3.5 billion Welspun Group, is one stop service provider offering complete pipe solution with a capability to manufacture line pipes ranging from half inch to 120 inches, along with specialized coating, double jointing and bending.
