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The board of Prakash Industries on Wednesday approved the launch of an exchange offer of bonds on June 29. The offer involves exchanging existing bonds on the terms and conditions more specifically contained in the memorandum for US dollar denominated 5.35 per cent unsecured FCCBs due 2020 (new bonds), and part cash redemption (exchange offer). The execution of the offer is subject to obtaining all necessary approvals as well as compliance with all applicable laws in relation to the restructuring plans, the company informed the exchanges in a statement. The conversion price for the new bonds has been proposed as ₹60 a share. The relevant date to determine the floor price for the new bonds is June 24. The company has appointed Elara Capital (Asia) Pte Ltd, Singapore, as the dealer manager for the proposed issue. Shares of Prakash Industries closed at ₹33.6, down 1.4 per cent on the NSE.
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