Welspun greenshoe exercised, raising convertibles to $150 million

By Angela McDaniels

Tacoma, Wash., Oct. 8 - Welspun Gujarat Stahl Rohren Ltd. said the $20 million over-allotment option for its foreign-currency convertible bonds was exercised in full, raising the size of the issue to $150 million.

The company priced $130 million of the convertibles on Sept. 24 via bookrunner JPMorgan.

The bonds are expected to be listed on the Singapore Exchange.

Proceeds will be used to invest in capital expenditures, growth opportunities and other general corporate purposes.

Welspun is a metal pipe producer based in Anjar, India, and a subsidiary of Welspun Group.

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