Indowind Energy approves fund raising plans

Indowind Energy Ltd has announced that the Board of Directors of the Company at its meeting held on June 17, 2009, inter alia, has approved the decision to reduce the conversion price on existing Foreign Currency Convertible Bonds (FCCB) issued in December, 2007 based on the prevailing market prices, subject to SEBI guidelines, RBI guidelines, approval of shareholders and other regulatory authorities, for the benefit of the investors in the bonds. This will help the company to increase its equity and reduce the liabilities.

The Board has also decided to issue share warrants to promoters / group companies on preferential basis subject to the approval of the shareholder and the regulatory authorities required if any, to meet the funding requirements for the expansion activities of the company.

The Company has also decided to issue Employees Stock Option (ESOP) to the Employees & Directors subject to the approval of the shareholders and regulatory authorities required if any.

The Company has proposed to convene an Extraordinary General Meeting shortly to seek the approval of the shareholders for the aforementioned purposes.

The stock was trading at Rs.39.40, down by Rs.0.95 or 2.35%. The stock hit an intraday high of Rs.41.50 and low of Rs.38.50.

The total traded quantity was 102681 compared to 2 week average of 820412.

Source : Equity Bulls

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