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| Exchange Disseminated Time | Tamilnadu Telecommunications Ltd (TTL) has informed BSE that the Union Cabinet in its meeting held on August 20, 2009 has approved the additional investment by TCIL in Equity of TTL. The Union Cabinet has approved to enhance the equity share capital of TCIL in its Joint Venture Company, M/s. Tamilnadu Telecommunications Ltd (TTL) from Rs 695.10 lakhs to
Rs 2238.37 lakhs. The equity percent of TCIL shall go to 49% which amounts to conversion of loans to equity to the extent of Rs 1543.27 lakhs, once the total proposed revival package of TTL is approved which includes other restructuring by Banks also which are pending.
The Union Cabinet also gave its approval to authorize TCIL to provide bridge loans to the extent of Rs 12.5 crores till loans from banks are organized. Major portion of this loan is towards one time settlement of consortium banks loans. |
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