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Tuesday, Feb 17, 2004

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Welspun board to decide on equity issue

Our Bureau

Mumbai , Feb. 16

WELSPUN India Ltd has informed the Bombay Stock Exchange that a meeting of the company board will be convened shortly to decide the modality of the issue of securities of the aggregate issue size of Rs 100 crore to part finance the expansion project, proposed to cost around Rs 400 crore, which was earlier approved by the board in its meeting held on October 27, 2003.

In the meeting, the board proposed considering raising the Rs 100 crore (including share premium) by issue of equity shares and/or securities convertible into equity shares on private placement basis to select group and/or on a rights basis to the existing equity shareholders of the company and/or by way of a public issue.

The exact date of the board meeting is yet to be finalised.

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