Jaiprakash Power Ventures (JPVL) on Friday said that it has called a meeting of bondholders on December 13, to decide conversion of foreign currency convertible bonds (FCCBs) worth USD 200 million into equity shares at a rate of Rs 12 each.
"Pursuant to the scheme of conversion of FCCBs into equity shares of the company, a meeting of the USD 200,000,000 5.0 per cent foreign currency convertible bondholders has been convened by the company on December 13, 2019," according to a BSE filing.
The purpose of the meeting is to consider and approve a resolution (which will be proposed as an extraordinary resolution) in relation to restructuring of the terms and conditions of the FCCBs, the company said.
This includes mandatory conversion of principal amount of outstanding bonds aggregating to USD 101,421,203 into equity shares of Rs 10 each at the conversion price of Rs 12 each.
The conversion would be done as per the provisions of original trust deed dated February 12, 2010.
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