Indowind Energy Ltd to raise $30 million

The Board of Directors of Indowind Energy Ltd at its meeting held on May 15, 2012 has discussed and reviewed the FCCB issue and the on going 28 MW project. The Board has decided to explore the possibilities for raising additional USD 30 Mn. through ECB to meet the gap in funding 28 MW project which would be about USD 10 Mn and the balance USD 20 Mn for clearing the existing long term loans and FCCB obligations as per the restructured terms. The 28 MW project would be implemented in phases, based on the disbursement from Exim Bank and the success of the fund rising through ECB.

The Indowind Energy Ltd stock was trading at Rs.5.04, down by Rs.0.08 or 1.56%. The stock hit an intraday high of Rs.5.10 and low of Rs.4.96.

The total traded quantity was 0.10 lakhs compared to 2 week average of 0.39 lakhs.

Source : Equity Bulls

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