Apollo Global Management had announced in end-June that it proposes to invest about Rs 1,575 crore in steel pipe-maker Welspun Corp and affiliated companies. Welspun’s share closed at Rs 169 the day before the deal was announced. Apollo was to invest in a combination of debentures and global depositary receipts, at a conversion price of Rs 225, indicating a premium of about 33%.
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Apollo to invest Rs 1575 crore in Welspun Group
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Private equity company Apollo Global Management LLC proposes to invest Rs 2,250 crore in the Welspun group’s steel business –pipes and related projects. The transaction will be carried out through multiple transactions by the PE firm which has about $70 billion or Rs 31,500 crore assets under management as of March 2011.