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Money News

Welspun India to raise 1.5 bln rupees in share sale - sources

MUMBAI (Reuters) - Welspun India has launched a share sale to institutions to raise up to 1.5 billion rupees ($33.7 million), three sources with direct knowledge of the deal said.

The shares will be sold at 97.5 rupees each, a discount of 14.6 percent to Monday’s close of 114.20 rupees, the sources said.

The issue can be expanded to raise a further 1 billion rupees, the sources said.

Motilal Oswal Financial Services is the sole arranger to the issue, which was launched late on Monday and is expected to close Tuesday evening, sources said.

Reporting by Jigar Pathak and Indulal P.M.; Editing by Aradhana Aravindan

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