Ortel Communications has informed that UCO Bank Limited, one of the Bankers of the Company, in the consortium meeting with other bankers and Company held on September 11, 2015, has agreed to reduce the rate of interest on term loans availed by the Company from present rate of 14.25% per annum to revised rate of 13.50% per annum. This will strengthen the Company’s balance sheet and lead to notable savings in interest costs. In addition, the Company Is actively working towards further reduction in overall interest costs.
The above information is a part of company’s filings submitted to BSE.
