Indowind Energy to raise US$ 100 Million

Indowind Energy Ltd has announced that the Board of Directors of the Company at its meeting held on October 10, 2007, inter alia, has considered and approved the following:

1. Considered the in-principle approval of M/s. Power Finance Corporation to be a Financial Advisor for 100 MW project and Chairman was authorized to negotiate the terms and finalise. It is proposed to form a committee for negotiation and implementation of the project.

2. The Board also approved calling for EGM, for getting approval for raising upto US$ 100 million by FCCB / GDR / ADR for project expansion purposes. The Board authorized the Chairman to negotiate the terms in this regard with investment bankers.

Source : Equity Bulls

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