|
| Exchange Disseminated Time | HMT Ltd has informed BSE that the Government has approved Revival and Financial Restructuring Plan for the Company (HMT Ltd) as recommended by the BRPSE, which envisages financial support, waivers etc from Government of India.
The sailent features of the approved Revival Plans amounting to Rs. 1083.48 Cr., to be implemented in a phased manner are as follows:
1. Cash infusion of Rs. 447.92 Cr. in the form of issue of 8% redeemable Preference Share Capital of the face value of Rs. 425 Cr. for Plant modernization & capacity augmentation, technology upgradation, working capital, repayment of certain liabilities etc. and a Bridge Loan from Government of India at Rs. 22.92 Cr. at 7% interest p.a., over a period of 2 years.
2. Non cash assistance in the form of conversion of Government of India Loans into Equity to the extent of Rs. 429.92 Cr. and waiver of accumulated interest of Rs. 205.64 Cr. on Government of India Loans.
3. The Government has also approved for implementation of revised Pay Scales/Wages and revision in the retirement age of employees from 58 years to 60 years from the date of approval of the Plan by Government.
4. Government has given permission to sell identified surplus land for redemption of the Preference Share Capital and repayment of bridge loan to Government.
Formal financial sanctions for Cash infusion and Non Cash assistances etc is expected shortly from the Government. |
|
|