Welspun to raise Rs 215cr for investments

New Delhi, Apr 22: Welspun-Gujarat Stahl Rohren has decided to raise Rs 215 crore to finance its incremental operations, investments and general corporate purposes through an issue of convertible and non-convertible securities and warrants to its promoters.

The board has accorded its approval to the fund-raising scheme.

The members of the company will meet on May 10 to consider the issue.

The company last week bagged orders worth Rs 1,089 crore from domestic and overseas firms for supply of line pipes taking the current-pending order book position to about Rs 4,000 crore, including the orders executed in the last quarter of FY07.

These projects are to be executed for both Longitudinal Submerged Arc Welded (LSAW) and Helical Submerged Arc Welded (HSAW) pipes.

UNI