Prakash Inds floats restructuring plan for bondholders

Debt-laden Prakash Industries has proposed a restructuring plan to exchange the USD 60 billion worth of convertible bonds into securities for cash and FCCBs within five years.
"The company proposes to give all bondholders an option to exchange their existing bonds with 50 per cent cash to be paid in three tranches by April 2017 and the balance 50 per cent due on each bond be exchanged with new foreign currency convertible bond (FCCB) with a tenure of 5 years," Prakash Industries said, in a regulatory filing.
The integrated steel and power company further said the execution of the offer is subject to necessary approvals.

The company's profit after tax grew to Rs 62.55 crore in the quarter ended December 2014-15, against Rs 34.53 crore in the year-ago period.
The net sales grew to Rs 687 crore in the quarter, against Rs 670.58 crore a year ago.