Welspun Corp’s (WCL) board has authorized the issuance and allotment of CCDs and GDR to certain affiliates of Apollo Global Management, LLC (together with its subsidiaries, Apollo), one of the leading global alternative asset managers, which effectively concludes one of India’s largest private equity (PE) transactions between Welspun Group (Welspun) and Apollo.
As a part of the total commitment, funds affiliated with Apollo have invested about $290 million in WCL, of which approximately $175 million has been invested by way of the preferential allotment of FCD / CCD (Fully / Compulsorily Convertible Debentures) and about $115 million by way of non-voting Global Depository Receipts (GDR’s). The FCD’s / CCD’s carry a coupon of 5% and will be mandatorily fully converted within 18 months into equity shares at Rs 225 per share, which represents 13.3% of the equity capital of WCL. Funds affiliated with Apollo have also subscribed for non-voting GDR’s of $115 million at the same price of Rs 225 per share.
Further, funds affiliated with Apollo have acquired 12.5% of the equity of Welspun Maxsteel (WMSL) from Welspun Steel for a total consideration of approximately $31 million. Such funds have also agreed to invest approximately $29 million into WMSL to be used for additional capital expenditures.
Apollo and its affiliates are also in active discussions with Welspun Infratech (WITL), a subsidiary of WCL, to explore an additional investment of up to $150 million in WITL and its subsidiaries, in the form of debt, equity or a combination of the two. The end use of the funds in WITL will be project specific and the form of such investments is being actively reviewed and considered.
Welspun Group, is an amalgamation of expertise, resources, opportunities and engineering excellence. With global leadership positions in line-pipe and home textiles, its marquee client list includes most of the Fortune 100 Companies operating in the Oil & Gas and Retail sectors like Chevron, Exxon Mobil, Wal-Mart, and Target amongst others.
| Company Name | CMP |
|---|---|
| Tata Steel | 142.80 |
| JSW Steel | 976.80 |
| SAIL | 112.70 |
| Jindal Stainless | 671.75 |
| Jindal Saw | 296.70 |
| View more.. | |
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
Make an informed decision for Stocks
Invest using an intelligent system with powerful data-driven tools that help you identify opportunities and make informed buy-hold-sell decisions
Buy quality Stocks when they are available at reasonable prices and supported by an upward price trend and Sell when they are Overvalued using the Decizen Rating System. Covers 3500+ stocks
Claim your FREE 15-day access to the most practical investing handbook.
Hurry, limited to the first 10 users today!
Become a savvy and confident
stock investor.
Don't miss out! First 10 users today get it FREE
Download APP
