Xchanging Solutions USA Inc to make part repayment of unsecured loan amounting to $22,559,096 to Xchanging Solutions Ltd

Xchanging Solutions Limited had earlier given an unsecured loan of USD 37,929,097 (INR 1,728,289,691) during the Financial Year 2002 to 2008 to Xchanging Solutions USA Inc, wholly owned subsidiary ("XSUI") which has been considered as provisions INR 1,728,289,691 in the books of the Company. Further, XSUI has informed the Company that they have initiated the partial repayment of USD 22,559,096 of the above said unsecured loan. Hence, the provision made for the unsecured loan shall be reversed to the extent of the amount of repayment.

During the merger of SSI Limited with the Company pursuant to a scheme of arrangement sanctioned by the Honorable High Court of Judicature at Karnataka and the Honorable High Court of Judicature at Madras and the Order delivered to the Company on September 20, 2004 and September 22, 2004, respectively, with Appointed date July 02, 2004 - INR 741,375,287 (USD 16,159,097)

During the year ended December 2011 - INR 290,135,608 (USD 6,400,000) out of INR 986,914,404 (USD 21,770,000).

Out of the Total Provision INR 1,728,289,691 (USD 37,929,097), the Provision pertaining to the repayment of loan - INR 1,031,510,895 ( USD 22,559,096)

The reversal of provision of INR 1,031,510,895 (USD 22,559,096) out of INR 1,728,289,691 (USD 37,929,097) will come under other income of the company.

Shares of Xchanging Solutions Limited was last trading in BSE at Rs. 69.87 as compared to the previous close of Rs. 69.06. The total number of shares traded during the day was 23646 in over 362 trades.

The stock hit an intraday high of Rs. 70.82 and intraday low of 68.75. The net turnover during the day was Rs. 1651429.00.

Source : Equity Bulls

Keywords

XchangingSolutionsUSA XchangingSolutions INE692G01013 UnsecureLoan PartRepayment