Indowind Energy approves restructuring of FCCBs

Indowind Energy Ltd has announced that the Board of Directors of the Company at its meeting held on August 12, 2010, approved restructuring of US $ 30 million FCCB bonds for conversion with a floor price of Rs. 48.90 up to a maximum of Rs. 65/- per share, based on SEBI guidelines.

As per the approval of RBI, the bonds now carry a 50% mandatory conversion clause with yield fixed at LIBOR + 200 basis points. The proposed restructuring will help the Company to increase the net worth, reduce contingent redemption liability and improve the debt-equity ratio for the growth of the Company.

The stock was trading at Rs.47.10, down by Rs.0.75 or 1.57%. The stock hit an intraday high of Rs.48.65 and low of Rs.46.40.

The total traded quantity was 6.80 lakhs compared to 2 week average of 6.05 lakhs.

Source : Equity Bulls

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