HONG KONG, September 29, 2011 - J.P. Morgan has been named depositary bank by Indian manufacturer Welspun Corp Ltd. ("Welspun") in relation to the company's USD 115 million Global Depositary Receipt ("GDR") listing.
Welspun, which manufactures and delivers pipes to a global client list including Fortune 100 companies in the oil and gas sector, issued 23,026 GDRs representing 23,026,000 common shares.
B.K. Goenka, Chairman of Welspun Group, said: "This GDR listing is a crucial step in our journey to realize our ambitious 'ore to pipes' vision for the company. The end-to-end listing process was efficiently and effectively managed by J.P. Morgan's depositary receipts team, and accordingly, we're looking forward to partnering with J.P. Morgan in the future."
Kenneth Tse, Asia Pacific Head of J.P. Morgan's depositary receipts group, added: "We are extremely pleased to have partnered with Welspun on this initiative. India's rapid growth continues to place it firmly at the center of the world's capital markets, with many leading companies looking to expand their presence into new regions and new sectors. Depositary receipt listings represent a significant opportunity for these growing companies to connect with potential new shareholders."
J.P. Morgan is committed to working closely with its clients to design and implement customized depositary receipt programs to achieve their strategic goals and facilitate DR liquidity. J.P. Morgan, which launched the world's first DR program in 1927 for Selfridges and the first DR program in Asia in 1961 for Sony, continues to serve as depositary receipt bank for leading companies throughout the region. J.P. Morgan provides a full range of American Depositary Receipt ("ADR") and GDR services to issuers seeking to have their equity traded on exchanges beyond their home markets. For more information on depositary receipts and international equities, please visit J.P. Morgan's award-winning website, www.adr.com.
About Welspun Corp Ltd.
Welspun Corp Ltd. ("WCL") is a one-stop service provider offering complete pipe solutions with the capability to manufacture line-pipes ranging from ½ inch to 100 inches, along with specialized coating, double jointing and bending. With current capacity of approximately 2 million MTPA in Dahej, Anjar in Gujarat, India, Little Rock, Arkansas in the US and Saudi Arabia, Welspun takes pride in being a preferred supplier to most of the Fortune 100 Oil & Gas companies. With 360 degree offerings, WCL has undertaken some of the most challenging projects in different parts of the world. The company has further strengthened its services to become an integrated pipe manufacturer by setting up a world class plates and coils manufacturing facility. Since its inception, WCL has consistently excelled in new business ventures and is committed to its strategy of complete integration by being a one stop solution in the line-pipe segment, capturing the entire value chain from manufacturing of plate & coil to line pipe and finally to pipe laying. With business excellence being a clear focus, the company will continue with its clear mandate on innovation, technology, global scale operations and capturing the entire value chain as much as possible to generate value for its stakeholders. www.welspuncorp.com.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, WSS leverages the firm's global scale, leading technology and deep industry expertise to service investments around the world. It has $16.9 trillion in assets under custody and $7.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.