Indowind Energy inks memorandum of compromise with ICICI Bank

29 Nov 2011 Evaluate

Indowind Energy after reaching to an understanding with ICICI Bank has inked a Memorandum of Compromise (MOC) with later in order to settle all its outstanding disputes pending in various legal forums. MOC has been executed by both the parties and promoter group on November 09, 2011 for clearing the litigated rental obligations on wind mills till date and all commitments on preference shares.

Recently, Indowind Energy’s promoter and promoters group of companies -- Subuthi Investments -- has increased their shareholding in the company by purchasing 9,00,000 shares of the company in the open market on November 23, 2011. Following this acquisition, the percentage of share holding of promoter and promoters group in Indowind Energy is increased from 30.41% to 31.41%.

Indowind Energy is engaged in selling ready-to-buy wind farm projects to corporates as well as state governments. It has strong capabilities and expertise in areas like project management, robust managerial and financial resources and experience in the operations of wind farms.

Indowind Energy Share Price

22.82 0.28 (1.24%)
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