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Mumbai, Dec. 26 Indowind Energy Ltd, a wind power company, has issued $30 million (about Rs 118 crore) of foreign currency convertible bonds (FCCBs) with an option to raise an additional $5 million.

The proceeds of the issue will be utilised for overseas business expansion. The FCCBs contain 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 the NSE. The FCCBs will be listed on the Singapore Stock Exchange.

Indowind Energy has been developing wind farms since 1995 and expanded its wind farm capacity to 36.74 MW.

(This article was published in the Business Line print edition dated December 27, 2007)
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