|
| Exchange Received Time 22/05/2017 20:29:22 Exchange Disseminated Time 22/05/2017 20:29:27 Time Taken 00:00:05 | | Mumbai, May 22, 2017: MT Educare Limited (MTEL), a leading Technology based education service provider in India, announced that it, alongwith its subsidiary Lakshya Educare Private Limited, has been sanctioned a long term debt facility from Xander Finance Private Limited (Xander) of Rs. 110 crores. The initial disbursement proceeds from Xander of Rs. 80 crores were utilized largely to repay short term debt raised by the company from various lenders who had provided loans to the company against promoter Mr. Mahesh Shetty's shares, as primary security. With the above deal, MTEL has been successfully able to convert most of its short term debt outstanding as on 31st March 2017, to long term debt. This transaction has also enabled MTEL to significantly reduce its average cost of borrowings to the mid-teens. The above clarification is given by MTEL, in continuation of a clarification given to the Stock Exchanges in response to a new article in a leading newspaper recently. |
|
|