Tamil Nadu Telecom’s debt to be converted to equity
August 20th, 2009 - 8:21 pm ICT by IANSNew Delhi, Aug 20 (IANS) The government Thursday said it would convert loans taken by state-owned Tamil Nadu Telecommunications Ltd (TTL) to equity as part of efforts to revive the ailing company.
TTL is a joint venture between Telecommunications Consultants India Ltd (TCIL), a public sector telecom consultancy and engineering company, and Tamil Nadu Industrial Development Corp.
Loans from the government amounting to Rs.15.43 crore will be converted to equity, increasing TCIL’s stake in the joint venture to 49 percent, an official statement said Thursday.
The financial restructuring will also allow TCIL to provide bridge loans to the extent of Rs.12.5 crore till financial assistance from banks are arranged.
- Tamil Nadu Telecommunications Ltd. to be revived - Aug 20, 2009
- Cabinet approves TCIL's Saudi acquisition - Jul 04, 2012
- Dunlop board allots shares to convert loan into equity - Apr 29, 2012
- IOB plans recovery of Rs.1,500 crore from sticky accounts (Lead) - Jan 28, 2012
- Tamil Nadu power units to raise Rs.11,000 crore - Mar 12, 2012
- Air India seeks long-term convertion of loans - May 20, 2011
- Tamil Nadu scraps power joint venture, BHEL surprised (Lead) - Feb 24, 2012
- Rs.2 bn equity investment in Srei Equipment Finance okayed - Aug 11, 2012
- SPV formed for road project in Madhya Pradesh - Aug 17, 2012
- Shriram Housing Finance open for outside equity infusion - Aug 10, 2011
- Budget: Air India to get Rs.1,200 crore fresh equity - Feb 28, 2011
- Air India's turnaround plan approved (Roundup) - Apr 12, 2012
- Tata Teleservices to seek review of 2G decision - Feb 06, 2012
- No bailout for Kingfisher, Air India needs to shape up: Minister - Jan 11, 2012
- Air India board to meet Tuesday - Nov 29, 2011
Tags: ailing company, banks, bridge loans, consultancy, crore, engineering company, extent, financial assistance, financial restructuring, india ltd, industrial development corp, joint venture, New Delhi, public sector, stake, tamil nadu, telecom, telecommunications consultants, telecommunications ltd, ttl