Jaiprakash power ventures is on the verge of missing payments on its US$200m convertible bond, sparking concerns that another wave of Indian defaults is on its way. Last Wednesday, Jaiprakash said it would not be able to redeem a US$200m 5% CB on the February 13 2015 due date. Revenue from its power projects and existing cash balances might not be sufficient for redemption at maturity, the company said in the Bombay Stock Exchange announcement.
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