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HIMACHAL FUTURISTIC COMMUNICATIONS LTD. - Outcome of Board Meeting
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11 May 2016
Himachal Futuristic Communications Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 10, 2016, has transacted the following :&lt;BR&gt;&lt;BR&gt;1. Declared second Interim Dividend of Rs. 3.25 per share on 80,50,000 Cumulative Redeemable Preference Shares (CRPS) of Rs. 100/- each for the financial year 2015-16.&lt;BR&gt;&lt;BR&gt;2. Approved the proposal for expansion/modernisation of existing capacities of manufacturing of optical fibre cables as per details given below:&lt;BR&gt;&lt;BR&gt;a. Existing capacity : 1,02,000 cable km/Annum&lt;BR&gt;b. Exiting capacity utilization : 96%&lt;BR&gt;c. Proposed capacity addition: 48000 cable km/Annum&lt;BR&gt;d. Period within which the proposed Capacity is to be added : By December 2016&lt;BR&gt;e. Investment required : Rs. 20.80 Crore&lt;BR&gt;f. Mode of financing : Mix of term loan &amp; internal accruals&lt;BR&gt;g. Rationale : Increase in demand of OFC in India as well as world Market.&lt;BR&gt;&lt;BR&gt;The Company has further informed that debts of the Company were earlier restructured under Corporate Debt Restructuring (CDR) mechanism and as stipulated therein, the Lenders had the right to claim recompense from the Company at the time of its exit from CDR on account of various sacrifices &amp; waivers made by them in the CDR Package. With the improved financial performance, the Company submitted its proposal for exit from CDR mechanism to Monitoring Institution (MI) i.e. IDBI Bank Limited. The MI has recommended recompense amount of Rs. 148.47 crores on term and working capital loans. The same has been approved by CDR-EG vide their order dated March 22, 2016 subject to the approval from Company&apos;s Lenders. Subsequent to CDR -EG&apos;s approval, the recompense amount has been approved by some of the lenders and approval from remaining lenders is expected soon. Accordingly, the Board of Directors of the Company at their meeting held on May 10, 2016 has approved the recompense amount of Rs. 148.47 crores to exit from CDR mechanism.&lt;BR&gt;&lt;BR&gt;The Board of Directors of the Company at its meeting held on May 10, 2016, has decided to submit the quarterly/year to date standalone along with consolidated financial results from first quarter i.e. June 2016 quarter onwards.
View all announcements for HIMACHAL FUTURISTIC COMMUNICATIONS LTD. Source: BSE India