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.
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Welspun is one of the world's biggest makers of large diameter pipes
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<div style="text-align: left;"> Welspun is one of the world's biggest makers of large diameter pipes </div>

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 its principal value when the offer was launched and has hovered at a bid between 79% and 84% during the past couple of months.

The company, an Indian maker of steel pipes...

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