Moneycontrol
Mar 11, 2013 01:58 PM IST | Source: Moneycontrol.com

Tulip Telecom up 5% on likely CDR approval

Shares of telecom services and IT solutions provider Tulip Telecom were locked at 5 percent upper circuit on Monday after media reports that banks may approve the Rs 1800 crore loan recast package by the end of this month.

 
 
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Shares of telecom services and IT solutions provider Tulip Telecom were locked at 5 percent upper circuit on Monday after media reports that banks may approve the Rs 1800 crore loan recast package by the end of this month.


The reports said, "The corporate debt restructuring (CDR) cell will have one more meeting by the end of March and a final decision on the loan recast should be taken by then."


For the CDR package to go through, at least 75% of creditors by value and 60% by number need to give their go-ahead.


Tulip had approached lenders for a debt recast during the October-December period. The company had made big investments in data centres, which did not yield desired results. It defaulted on redemption of foreign currency convertible bonds (FCCBs) worth USD 140 million, which were due in August, apart from delaying salaries last year.

At 13:36 hours IST, shares were quoting at Rs 10.78 on Bombay Stock Exchange.
 
There were pending buy orders of 438,415 shares, with no sellers available.
 
In the previous trading session too, the stock shot up 4.90 percent to Rs 10.27.

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