Cyber Media India Limited updates on OTS

Cyber Media (India) Limited in discharge of its past debt obligations, has offered One Time Settlement (OTS) to Pridhvi Asset Reconstruction and Securitisation Company Limited ("PARAS"), Hyderabad for Rs. 14.25 Crore on 18.01.2022. The OTS offer has been accepted by the Board of PARAS on 29.01.2022 communicated to us on 31.01.2022.

Reasons for OTS:

In order to buy peace of mind; preserve the value of the assets and businesses; eliminate any future disputes; discharge of all sureties/guarantees; and settle all litigation pending in NCLT/DRT, the Company had made the above offer, and has been accepted by PARAS.

Brief Summary of the Settlement:

Against the total OTS amount, Rs. 1.425 Crore has been paid to PARAS on 14.01.2022 and the balance amount of Rs. 12.825 Crore is to be paid on or before 31.03.2022.

In case, the entire OTS amount is not paid by 31.03.2022, a minimum of 40 percent of the OTS amount, i.e. Rs. 5.70 Crore, will be paid on or before 31.03.2022 and the outstanding amount as on 31.03.2022 would be paid with interest @18 percent p.a. on the balance amount on or before 31.07.2022.

The Company shall be taking necessary steps to raise funds to meet the settlement terms.

Shares of Cyber Media (India) Limited was last trading in BSE at Rs. 15.13 as compared to the previous close of Rs. 14.50. The total number of shares traded during the day was 1604 in over 20 trades.

The stock hit an intraday high of Rs. 15.20 and intraday low of 14.50. The net turnover during the day was Rs. 24035.00.

Source : Equity Bulls

Keywords

CyberMediaIndia INE278G01037 PridhviARC OTS