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.
Tulip Telecom stock price
On , 2015, Tulip Telecom closed at Rs 1.53, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 5.26 and the 52-week low was Rs 0.94.
The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 0.03.
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