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| Exchange Disseminated Time | Ortel Communications Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 27, 2015, inter alia, has considered and approved the following agenda item:
1. Proposal for availing additional term loan of Rs. 25.00 Cr consisting of Rs. 10.00 Cr. from Karnataka Bank Ltd and Rs. 15.00 cr from UCO Bank Ltd to part finance the Capex requirement for expansion of its Network and growth in RGUs. This will be in addition to the funds already raised through Initial Public Offer (“IPO”) of the Company;
2. Proposal for enhancement of Overdraft limit with Karnataka Bank Ltd from existing limit of Rs.10.00 cr to Rs.15.00 Cr and also enhancement of existing Bank guarantee limit of Rs. 3.00 cr to Rs. 8.00 cr with LC sub limit of Rs.1.00 Cr to meet the day to day working capital requirement of the Company. |
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