Welspun chooses not to proceed with CB tender

The Indian company receives bids for about 50% of the $150 million convertible bond issue, but rejects them all as a falling rupee adds to the buy-back cost.

Welspun chooses not to proceed with CB tender
Welspun is one of the world's biggest makers of large diameter pipes

Welspun Corp has rejected all the bids it received as part of a convertible bond tender that it launched on December 7 and has decided not to proceed with the offer, the company said in an announcement to the Bombay Stock Exchange on Friday.

The tender referred to a $150 million 4.5% CB that Welspun issued in September 2009 and which will mature in 2014. The bond was trading at about 80% to 82% of...

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