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Cords Cable Industries converts Rs 20 crore term borrowings in fixed interest rate loans

29 Jun 2011

Cords Cable Industries in order to protect its projected cash flows from the on-going upward volatility in the interest rates and with the support of its financing partners has successfully converted an amount of Rs 20 crore from a floating interest rate of 13.75% p.a. to a fixed rate of 10.50% p.a. fixed at 10.50% p.a. for the entire tenure of the loan.

With this finance cost reduction measure, the company has, therefore, now converted a substantial portion of its term borrowings in fixed interest rate loans at substantially lower cost as compared to the cost presently prevailing in the market. Consequently, going forward, the company expects this step to give a further boost to its financial performance.

The on-going steep hikes in the monetary policy rates are subsequently causing further increase in the interest costs of almost all industries. The company is aggressively taking all necessary initiatives in order to minimize the impact of these interest rate hikes with an ultimate aim of value maximization for its investors.

Cords Cable Industries is in the business of providing cost-effective and quality solutions for various electrical connectivity requirements. Presently, it accomplishes this through customized design and development, quality manufacturing and reliable delivery of all types of LT range cables and household wires.

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