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.

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

Anette Jönsson

December 19, 2011

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.

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