For Jaiprakash Power bondholders, it’s February all over again
Debt-ridden Jaiprakash Power Ventures said on Tuesday it may once again seek board approval for a standstill agreement with bondholders to extend the deadline to repay money it owes them. Foreign currency convertible bonds (FCCBs) issued by the company in February 2010 are due for redemption on February 13 after the company negotiated a similar agreement in February last year. Since then it has paid bondholders close to $125 million and owes them another $101.41 million. The FCCBs have a conversion price of Rs 85.81 per share. On Tuesday, shares of JP Power Ventures closed at Rs 5.98 on the BSE. In early February 2010, when the company issued FCCBs, the stock was trading at close to Rs 68.In a filing to the stock exchanges, the company said.....