Welspun-Gujarat Stahl Rohren, the flagship company of the Welspun Group, today said it has hiked the size of its foreign currency convertible bonds (FCCBs) from $20 million to $150 million (about Rs 690 crore).
The company "successfully upsizes its FCCBs offering for an amount of $20 million, taking total to $150 million", Welspun-Gujarat Stahl Rohren said in a statement to the Bombay Stock Exchange (BSE).
The response of investors to the total offering was over-whelming and it includes a mix of European and Asian investors among others, the pipe manufacturer said.
FCCBs are a type of convertible bond issued in a currency different than the issuer's domestic currency.
JP Morgan has acted as the sole bookrunner of the issue, it added.
Shares of Welspun-Gujarat Stahl Rohren rose 4.21 per cent and were trading at Rs 279.50 in the morning trade on the BSE.
