Indowind Energy completes USD 30 million FCCB

Mumbai, Dec 26 (UNI) Indowind Energy, an Indian wind power company, has issued USD 30 million (approximately Rs 118 crores) of Foreign Currency Convertible Bonds (FCCBs) with an option to raise an additional USD 5 million.

The proceeds of the issue shall be utilised for overseas business expansion.

The FCCBs contains a coupon payment of 2.5 per cent paid semi-annually, with 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, the release said.

Indowind Energy has been developing wind farms since 1995 and has expanded its wind farm capacity every year to reach the present capacity of 36.74 Mega Watts. The current scope of the Company's operations includes wind power generation, developing windmill projects on a turn-key basis for sale to large corporate clients, and power sharing on asset maintenance and management contracts.

UNI