Welspun raises Rs1.56 billion through QIP

Textiles firm Welspun India Ltd today said it raised Rs1.56 billion through a sale share to institutions. The proceeds would be used for capital expenditure and investments in growth opportunities according to the company's statement.

Motilal Oswal Securities acted as the sole book runner for the issue.

Welspun India is part of $3-billion Welspun Group and ranks as amongst the world's largest home textiles manufacturer.

Speaking on the occasion, B K Goenka, chairman and managing director (CMD) of Welspun said, ``This QIP issuance, once again depicts the faith investors have reposed in the prospects of our company. I take this opportunity to thank all the investors and I strongly believe that this successful placement will pave way to strengthen endeavors to make Welspun India, one of the most respected and largest home textiles companies in the world.``

Shares of the company were up Rs1.35, or 1.41 per cent, to trade at Rs96.80.