Welspun Corp, the flagship company of the $3.5 billion Welspun Group and the 2nd largest line pipe company in the world has repurchased part of 4.50% Foreign Currency Convertible Bonds (FCCBs) Bonds, due 2014. The company has repurchased $24.4 million through the open market route, at an average discount of approximately 7% on the accreted value of the bonds.
The company in October 2012 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.
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.
| Company Name | CMP |
|---|---|
| Tata Steel | 209.95 |
| JSW Steel | 1249.75 |
| SAIL | 176.70 |
| Jindal Stainless | 775.00 |
| APL Apollo Tubes | 1986.30 |
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