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| Exchange Disseminated Time | Educomp Solutions Ltd has informed BSE that the earlier Board of Directors of Educomp Infrastructure & School Management Ltd. (EISML), a material subsidiary of the Company at its meeting held on June 26, 2013 had approved reference by the EISML to CDR Cell for restructuring of its debts. The CDR Cell had admitted the Flash Report of EISML in its meeting held on July 25, 2013.
The Company has to inform that EISML request for restructuring its debts of Rs. 715.63 crores with CDR Lenders has been approved by CDR- Empowered Group with Cut Off date as on April 01, 2013. Accordingly, EISML on December 28, 2013 has executed Master Restructuring Agreement with its lenders for the implementation of CDR Package.
The restructuring package agreed with CDR Lenders (led by Axis Bank) envisages extended repayment tenure of 153.5 months including moratorium period of 33.5 months from Cut off Date and funding of interest for a period of 2 years from Cut off Date.
The package also provides for additional loans of Rs. 73 Crore to fund critical capital expenditure. |
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