New Delhi, Dec 26: Indowind Energy Limited today said that it has issued Foreign Currency Convertible Bonds (FCCBs) of 30 million dollars (approximately Rs 118 crore) with an option to raise an additional 5 million dollar.
The proceeds of the issue will be utilised for overseas business expansion. The FCCBs contains a coupon payment of 2.5 per cent paid semi-annually, have a maturity of five years and one day, and will be convertible into equity shares at a premium of 33 per cent. The underlying equity shares on conversion will be listed on the BSE and NSE. The FCCBs will be listed on the Singapore Stock Exchange.
Indowind Energy Limited has been developing wind farms since 1995 and has expanded its wind farm capacity every year to reach its present capacity of 36.74 Mega Watts (MW). The current scope of the Company's operations includes wind power generation, developing windmill projects on a turnkey basis for sale to large corporate clients, and power sharing on asset maintenance&management contracts.
Jefferies International Ltd was the Sole Book-Runner and Lead Manager for the transaction. Keynote Corporate Services was the Domestic Advisor to the Company.