Hinduja Global Solutions Ltd gives comfort letter for loan

Hinduja Global Solutions Limited ('the Company') has given a Letter of Comfort in favour of Standard Chartered Capital Limited ('Lender') for a 3 year loan facility of Rs. 75 crores being availed by IndusInd Media & Communications Limited (IMCL), a subsidiary of the Company. The Letter of Comfort will be valid during the tenure of the loan facility.

The Company has issued Letter of Comfort, in terms of which the Company:

- will not permit IMCL to enter into liquidation (whether voluntary or compulsory) or enter into any arrangement with its creditors without its liability to lender being unconditionally and irrevocably paid and discharged in full under the "Facilities" by IMCL.

- will take appropriate steps to ensure that IMCL continues to conduct its business and will appropriately advise IMCL to make the payments due to lender under the "Facilities"; and

- will not dispose of any shares in IMCL or allow it to alter or modify its share capital which would result in the Company's shareholding in IMCL being reduced to a minority and non-controlling shareholding without first having received lender's written consent or IMCL having discharged its liabilities under the "Facilities" in full.

Shares of Hinduja Global Solutions Limited was last trading in BSE at Rs. 990.40 as compared to the previous close of Rs. 986.50. The total number of shares traded during the day was 3146 in over 462 trades.

The stock hit an intraday high of Rs. 997.50 and intraday low of 980.00. The net turnover during the day was Rs. 3118390.00.

Source : Equity Bulls

Keywords

HindujaGlobalSolutions INE170I01016 HGS ComfortLetter StandardCharteredCapital IndusIndMediaandCommunications