Tulip Telecom, India’s leading Enterprise Data Services provider, has received the formal approval for its proposal for the restructuring of its debt by the Empowered Group of the Corporate Debt Restructuring (CDR) Cell.
The company’s domestic lenders, a consortium of 13 banks and financial institutions, approved the company’s CDR package. The package includes a 30 month moratorium on principal and 18 month moratorium on interest. The promoters of Tulip Telecom have already infused the required promoter’s contribution of Rs 60 crore as required by the approval, which shall be converted into equity.
With regards to an update on the company’s FCCB redemption, Tulip’s ongoing engagement with bondholders continues to be both constructive and progressive, and it expects to reach an acceptable solution for all stakeholders at the earliest possible date.
Company Name | CMP |
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D-Link (India) | 312.60 |
Smartlink Holdings | 190.75 |
Rox Hi-Tech | |
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