Board of Prakash Industries approve exchange offer for existing bonds

At meeting held on 24 June 2015

Prakash Industries announced that the Board of Directors of the Company at its meeting held on 24 June 2015 has approved the launch of the exchange offer on 29 June 2015, involving exchange of Existing Bonds on the terms and conditions more specifically contained in the Exchange Offer Memorandum, for (a) U.S. dollar denominated 5.35 per cent unsecured FCCBs due 2020 ("New Bonds"), and (b) part cash redemption ("Exchange Offer")

The execution of the offer is subject to having obtained all necessary approvals and compliance with all applicable laws in relation to the Restructuring Plan (including, without limitation, obtaining the RBI approval and shareholder approval in the Extraordinary General Meeting, wherever required).

The conversion price for the new Bonds is proposed at Rs.60 per equity share. The relevant date to determine Floor price'' for the New Bonds, under prescribed pricing formula ("Relevant Date") is 24 June 2015.

The Company has appointed Elara Capital (Asia), Singapore as the dealer Manager for the proposed issue.

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